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At a meeting in the Dunedin Public Library last night, the trustees passed a resolution to dissolve the trust and appoint a liquidator to handle the theatre's assets.
The trustees also voted to retain the current board until the liquidation was completed.
The immediate closure of the theatre was announced on May 1 because it was no longer financially viable.
Chairwoman Haley van Leeuwen said it was a very difficult decision for the trustees to make and was not done lightly.
An auction for the theatre's assets, such as sets and production equipment, would be held, Ms van Leeuwen said.
It would be up to the liquidators to decide when the auction would be held, she said.
Other theatres and groups in Dunedin had approached the board about some of the items but an auction was the fairest way to part with them, she said.
Scott Muir was one of about 100 people at the meeting and said the value of the theatre's assets to the community far outweighed the small amount of money the auction would generate.
Mr Muir said his thoughts were shared by most of those who attended the meeting last night.