MADRID (AFP) - Spanish side UD Salamanca have been placed into liquidation after a agreement between creditors could not be reached at a meeting on Tuesday.

"Unfortunately, it can now be officially said that UD Salamanca has ceased to be," administrator Maximo Mayoral told reporters.

The club's main creditor Banco Popular failed to attend the meeting meaning that a quorum could not be achieved and nullifying the opportunity for an agreement between the creditors to be reached.

Assets pertaining to the club such as their 17,000 capacity Helmantico stadium are now due to be sold off at an auction arranged for this Thursday.

The club, founded in 1923, played in the third tier of Spanish football last season, but did compete in the top flight for 12 seasons - the last time coming in the 1998/1999 season.