The Bladnoch Distillery and Visitor Centre, near Wigtown, is owned by the County Down-based firm Co-ordinated Development Services, who called in the liquidators last week.
The distillery entrance is roped off, with a sign informing visitors that the site is shut until further notice.
For the past two decades it has been run by Raymond Armstrong, a businessman with an interest in whisky, who bought the distillery in 1994 after it had been mothballed by United Distillers the previous year.
He spent over five years renovating the distillery, with production of the Bladnoch lowland malt recommencing in 2000.
Since his takeover, the distillery has become a popular tourist attraction, with a visitor centre, guided tours and shop.
Operated by fewer than 10 employees, it dates back nearly 200 years and accountants Ernst and Young - appointed to dispose of the assets - are understood to be keen on selling Bladnoch as a going concern.