Judge Ashley Binns-Ward placed the order at Western Cape High Court, with the club last month saying its liabilities exceeded its assets by more than R6.3m.
Cape Town marketing company‚ Aerios‚ opposed the liquidation. It had entered into an advertising deal with the company in 2011 which gave them commercial rights at Newlands Stadium in Cape Town.
But Aerios and Western Province Rugby had been locked in a dispute over the contract and the company claimed it was owed more than R70m. Aerios also claimed that the bankruptcy claim was an attempt to get out of their deal.
Judge Binns-Ward said: "A winding-up of Western Province Rugby would not‚ of itself‚ result in the termination of its contractual obligations to Aerios. Aerios would not have the right to compel specific performance‚ but the liquidators would have to decide whether to abide by the contracts or to terminate them.
"The liquidators would have a duty to make their decision with conscientious regards to the best interests of the creditors. An election by a liquidator to terminate the Aerios contracts would be regarded as equivalent to repudiating them."