The Walpole Arms, based in Norfolk, has been awarded the restaurant guide’s Bib Gourmand award for the past 11 years.
But Adam Clarke and Robert Rose were appointed joint administrators for the pub on December 21.
The administrators are looking to sell the pub – which employs about 14 people - for about £725,000 and have set a deadline of January 6 to secure the sale.
Lee Green, of Larking Gowen, who is handling enquiries regarding the administration, admitted the pub faced "difficult trading conditions" and also suffered from a "lack of cash flow".
He said: "We will look to agree a sale this week but, if we don’t we will have to decide whether it’s in the interests of the business to continue trading.
"We will have to play it by ear."
Green added it was the ninth pub Larking Gowen had dealt with in the past two months.
The pub – which is owned by Noble ROT Associates – has won a string of prestigious culinary awards since its revamp and reopening in 2001.
The Michelin Guide Bib Gourmand award recognises restaurants which offer good food at reasonable prices.
And it has also won the Morning Advertiser’s best regional gastro pub award in 2005, as well as the Les Routiers regional dining pub of the year in 2003.
By Andy Pearce