Founded in 2016, the business had a turnover of £11.5 million, employed 21 staff and operated a gallery and warehouse in Ayr.
Its extensive range of artwork and merchandise was sold directly from the gallery, online and through third party retailers such as art galleries, gift shops and cafes.
The company has ceased trading and the gallery and warehouse have closed. All 21 staff have been made redundant with immediate effect and the gallery and warehouse have already been closed.
Tom MacLennan and Arvindar Jit Singh, partners with FRP Advisory LLP, have been appointed provisional liquidators of the business.
FRP Advisory will shortly be selling off the company's assets, including artwork, prints and merchandise.
READ MORE: Nicola Sturgeon slams Donald Trump over president's 'go back' commentsThe move comes after the Daily Record reported the artist Steven Brown saying he has received death threats following the apparent closure of his popular gallery.
Angry Brown hit out on social media claiming he has been subjected to hate mail, multiple death threats and “massive abuse”.
Last Monday it appeared the McCoo art empire was in turmoil after staff turned up to work but were told they no longer had jobs.
A scribbled notice appeared on the door of the showroom later saying: “Closed for refurbishment join us for our new-look store soon.”
Joint provisional liquidator Tom MacLennan said: "Steven Brown Art Limited became very well-known for its range of highly creative and engaging artwork based around the famous 'McCoo' brand.
"Although the company grew rapidly it had been suffering from serious cash flow problems and creditor pressure. As such the only option was to place the company in liquidation.
"We will now be selling all the remaining stock and would encourage interested parties to register their interest.
"We will also work closely with the Redundancy Payments Service and other agencies to minimise the impact on the staff affected by the closure of the business".
READ MORE: Family of Scottish cyclist who died in hit and run beg: please search your conscious and come forwardThe artist behind the McCoo brand, Steven Brown, was born in 1972 in Kilmarnock.
According to the company's website, he "loved art at school and dreamed of becoming an artist", but found himself in the retail profession, where he worked until 2012.
The website added: "In 2012, Steven suffered two heart attacks and during his recovery and a period of depression that followed, he took up his paintbrush as a form of therapy.
"While at home, he experimented with colour and materials, developing an abstract technique, which allowed him to grow into the artist we know and love."
The McCoo brand became widely known, with prints and merchandise becoming a common sight in art galleries, gift shops and cafes across Scotland.