Watson had sought #1million ($1.61 million) in damages, arguing that suitable medical facilities were not on hand at the ring during his fight with then world champion Chris Eubank and that it took too long to get him to hospital.
He won his case for compensation in September, leaving the British Boxing Board of Control (BBBC) facing bankruptcy if they lose an appeal which has yet to be heard.
Their legal bill has been put at around #300,000 ($482,500) and the non-profit making board has said it is not insured and would not have the funds to pay the level of compensation demanded.
Accountants Hacker and Young issued a statement saying that the board had been placed into administration.
Reuters
