About 50 weddings due to take place after 10 April at Manor Barn in Buriton have been cancelled.
Owner Bob Camping said he was "so very sorry". His other firm The Village Inn/Goosebumps Weddings Ltd is currently in receivership.
One affected couple described it as a "nightmare".
Mr Camping has vowed to sell his home and the business "and pay people back immediately".
Nicholas Pettit and Gemma Brown were due to marry at the barn in September and said they had been left "devastated" by the news.
"We are now having to come to terms with not having our wedding where we initially wanted and being £2,000 out of pocket," Mr Pettit added.
Mr Camping said other weddings due to take place before 10 April, including that of Jade Nias and Kyle Hillman, would be honoured.
But Miss Nias and Mr Hillman said they had now chosen another venue.
Mr Hillman said he had worked "countless hours of overtime" to pay the £2,000 deposit for Manor Barn, adding: "It just feels like that time has been wasted."
Claire Moulder and Jason Ledwith are due to marry at the venue in March and said uncertainty surrounding the venue had caused them "great stress, worry and sleepless nights, and is a sheer nightmare".
Manor Barn's licence is also being reviewed by East Hampshire District Council over noise complaints.
One of the proposed conditions at the venue in Buriton is for a "sound limiting device" to be installed, the council said.
Mr Camping said this would cost £500,000, which he added was unaffordable and unrealistic.

Conlon, 21, was ruled out for much of the season in August with a cruciate knee ligament injury having made five appearances for Darren Sarll's side.
The former Stoke City Under-18s player joined Boro from Peterborough United and made 35 appearances in all competitions last season.
Stevenage are currently seventh, occupying the final play-off spot.
With two games to play, the Boro are one point clear of three teams - Mansfield, Wycombe and Carlisle - in the race for a top-seven finish.
Dozens of couples have had their weddings at a luxury Hampshire venue cancelled with the owner admitting the company is "in trouble".
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Midfielder Tom Conlon has signed a new undisclosed-terms contract with League Two play-off hopefuls Stevenage.