The agency founder, Robert Bean, a former BT marketing chief, called in the insolvency practice Tomlinson's to handle the process after problems arose with the agency's financial situation.
The process will allow Banc to be acquired as an ongoing business by Media Square with the sale of its assets helping to pay creditors.
A creditors meeting was held this week but it is unclear who is owed what and whether Banc has sufficient assets to cover its debts.
An industry source said that Bean, who founded Banc in 1996, had "behaved honourably and done the right thing for creditors, employees and clients".
Clients, including the Liberal Democrats, GlaxoSmithKline and Young's Brewery, are said to be standing by the agency, which will be merged into Media Square's Equanim Group following the liquidation process.
The agency said last week that no job losses were expected from among its staff of 15 following the Media Square takeover.
Banc's co-founder, Mark Cramphorn, quit the agency last month. Bean and Tomlinson's representatives were unavailable for comment.
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