The directors of the Leicester Road club accepted a winding-up order at a hearing at Birmingham High Court last Monday.
The insolvency petition was lodged by former club chairman Kevin Downes after the club failed to pay rent on the main stand owned by FE Downes Ltd Executive Pension Fund.
The directors from the Calor Southern Premier club were in talks last week to arrange last minute administration but they came to nothing.
The police are investigating complaints from shareholders and a spokesman from Leicestershire Police confirmed: “Investigations are ongoing into business irregularities at a business based in Hinckley.”
But, there is already talk of a new club strating next season and according to the Hinkley Times a source close to the board said Hinckley United juniors and ladies teams would still be going forward as normal and that all the marriages and UEFA games will carry on as normal
A statement on the Hinckley United website said: “The business went into liquidation with liabilities in excess of a million pounds and the directors ourselves had invested a significant six figure sum.
“We would like to assure all that any investigation into the running or financial affairs of the football club will be fully supported by the board. If necessary and if requested we are happy to provide information to the authorities going as far back as they require.
“The directors would also like to inform all supporters, sponsors and shareholders that their intention is to attempt to continue with a new football club playing at the Greene King stadium and it is our intention that they will honour, where possible, any promises that have been made to shareholders in the past.”
Aston Villa Under-21s may use the ground again and that Coventry City Reserves could also visit as well.
The source said: “The board sees it as a positive step that the club is now going forward. We want to get first team football back for the start of next season.
“We will also put it to the fans and ask what the new name should be. But it is all still early days.”
Mr Downes expressed his sadness at what had happened - and stated his hope that no-one from the current board would be involved in the proposed new footballing venture.
Confirming he had no interest in getting involved with any new club himself, he said: “I just think it’s very sad. There was no need for the club to be made insolvent.
“Neither ourselves or Hinckley council wished to see the club go. About 50,000 people want to keep this club but four people stopped it.
“We tried to make a deal but it couldn’t be done. We tried to find ways of the club surviving but the directors weren’t interested.
“I just hope that if there is a new club that the current directors have nothing to do with it.”
Hinckley and Bosworth Borough Council said it considered the football club to be a valuable community asset.
Councillor Stuart Bray, leader of the council, said: “I wish the club well in its endeavours to resolve its current difficulties and the council will start dialogue with the appointed liquidator to help ensure a positive outcome.”