The firm raised money by selling mini-bonds promising 8.75% interest.
Around 500 investors bought over 700 of such bonds, totalling to nearly £8m (£9.6m, €8.6m), and it is not clear whether they will get their money back.
David Rubin & Partners has been appointed as the administrator.
It appears that Asset Life has ties with the disgraced London Capital & Finance (LCF), the firm that fell into administration in January 2019 for mis-selling £236m worth of mini-bonds to over 11,600 investors.
One of Asset Life’s directors, Martin Binks, was also a director of LCF between October 2015 and August 2016.
Asset Life was not regulated by the Financial Conduct Authority (FCA), even though the firm claimed it was carrying out “regulated activities”.
The FCA is already facing an investigation over the collapse and dealings of LCF.