The Llangollen Railway has appointed receivers, with debts of about £1/3 million
Llangollen Railway PLC says there is "no prospect" of paying its liabilities of more than £250,000.
The company which runs a heritage railway in Denbighshire has gone into receivership.
Llangollen Railway PLC said it could not "legally continue to trade", with the company insolvent to the extent of about £350,000.
The company said it intended to restart operations "in due course", depending on legal and regulatory approvals, but warned this would "take time".