On its Facebook page, Rain announced it was to have its farewell party on Friday.
The club's former owner - Coral Inns - went into administration in August 2012.
The nightspot - located at Tomb Street close to the Cathedral Quarter - went on the market with a price tag of £300,000 last year.
It's not known if new owners have taken over the premises.
In May last year the business was advertised with a leasehold interest in the building, described by agents Osborne King as a "converted former bond warehouse" which can hold 520 revellers.
Coral Inns signed up to a company voluntary arrangement at the end of 2011 after running up debts with HM Revenue and a drinks supplier.
Earlier that year the firm was fined a total of £5,000 for breaches of its entertainments licence when it admitted three counts of overcrowding.
Belfast City Council's licensing committee suspended Rain's entertainments licence for seven weeks following the breaches.
During one inspection, council staff found the club had exceeded its capacity by more than 300.