Attempts to save the 115-year old club from financial ruin were unsuccessful.
"Ascoli's bankruptcy was inevitable," judge Raffaele Agostini told Italian media inside the courtroom.
"I am a judge but also a great fan of Ascoli but unfortunately, we have to respect the law.
"There was no possibility of postponing the ruling because there are demands that have to be taken care of immediately.
"There are sporting demands as well as judiciary ones.
"From a sporting standpoint, you have the tournaments that have to continue while from a legal side, there are important suits in Florence, Milan and Ascoli, in which a sum of money has to be given to creditors.
"The tribunal has appointed three professionals as club liquidators, one of whom is Franco Zazzetta, who already distinguished himself after working on the (football club) Sambedenettese bankruptcy case.
"I have urged the liquidators to get to work as soon as possible, there is no time to waste."
Ascoli competed 16 seasons in Serie A since 1974, the last in the 2006-07 campaign before being demoted and falling into financial trouble.
The Marche region club has played this season in the third-tier Lega Pro Prima Division.