However, the boutique hotel will stay open as the business is reviewed and a potential buyer sought.
Administrators EY, formerly Ernst & Young, were appointed this morning to review the 23 bedroom hotel business.
EY said in a statement: “The hotel will continue to operate business as usual.
“All events booked with the hotel will go ahead and deposits paid will be honoured.”
Ten Square opened in Donegall Square South in 2000 and eight years later was bought by property developer John Miskelly.