A statement issued by the charity on Friday afternoon said that, in the face of "significant changes and prevailing economic conditions", it has "not been possible to sustain the organisation".
Some of the organisation's functions will transfer to children's charity Coram, resulting in the creation of a new entity, CoramBAAF Adoption & Fostering Academy.
CYP Now has learned that out of 140 staff, 55 staff will transfer to CoramBAAF.
Coram said a further 29 staff are currently being "retained" by administrators at BAAF's offices in Scotland, Wales and Northern Ireland until a final decision is made on what will happen to those operations.
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