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The move, which was revealed in a statement on the company's website, could result in its employees needing to find ways to earn extra money, as they have been told to stay away from work.
In an open letter to employees, chief executive officer Evgeniy Vereshchagin noted that the application is to be processed on May 6th, giving the struggling firm just over a week to secure the necessary funding.
"The global economic crisis has forced us to operate in exceptional conditions and we cannot continue in this position," he explained.
Many of the company's employees were made redundant in December of last year, when production at its Birmingham plant was largely stopped.
LDV is the latest in a number of firms being forced to make workforce cutbacks in the recession.
Yesterday, it emerged that wind turbine producer Vestas Wind Systems is to close a factory on the Isle of Wight as part of its move to reduce its workforce by 1,900.
