The Bulls – who were crowned English domestic champions six times, won the Challenge Cup five times and the World Club Challenge on three occasions – had been placed in administration for a third time in four years last November.
The writing on the wall for the Bulls – who were relegated from the Super League in 2014 – came when the administrators rejected a bid by a consortium last week.
“The solicitor acting on behalf of the administrators has told everyone that the club has effectively ceased trading and will be liquidated,” Bulls general manager Stuart Duffy said.
“The Rugby Football League have said they have contingency plans in place and someone could buy the club from the liquidators but at the moment everybody has been made redundant.
“I’m hopeful something comes of this but in what league I don’t know.
“Everyone is very disappointed because we were led to believe that things would come to a successful conclusion today (Tuesday).
“Nobody has been paid their wages for December and we had been hoping to be paid tomorrow, so this is a bombshell.
“This is a nightmare for everybody involved.”