Bosses at Viva Blackpool say the show will go on despite the holding company behind the cabaret bar going into liquidation.
The venue ran into cash flow trouble last year and the firm behind it Dudley Leisure went into a Company Voluntary Arrangement in June to manage its debts.
At the time bosses said its trade was hit by the town centre roadworks and bridge repairs in 2017 putting off customers, together with teething trouble with its diner after one of its contractors itself hit trouble delaying the refurbishment work.
Now the supervisors of the CVA, Blackpool-based Campbell Crossley and Davies, have written to people owed money to tell them that the CVA has failed and Dudley Leisure is going into liquidation.
The move has angered creditors, one of whom, who did not want to be named, has an ongoing legal dispute with Dudley Leisure and has been awarded a County Court Judgement for an unpaid fees claim.
He said: “There are a lot of people who have not been paid. I am a self-employed performer and so the failure of the CVA is very disappointing.”
Three new companies had been formed in April, Viva Blackpool Ltd, Viva (Blackpool) Group Ltd and Viva Vegas Restaurants Ltd.
But bosses at Viva said the despite their best intentions to work with creditors and having paid off arrears as stipulated under the CVA over the past year, the matter had been taken out of their hands by the courts.
They said all employees have been transferred over to the new company structure - protecting jobs, particularly of young people. All deposits made to the venue have also been transferred and they will continue to be working with suppliers.
A spokesman said: “We run an extremely popular venue and viable business that brings tourism to the town and to ensure this continued success, we were advised that under the circumstances, we had no option but to restructure in order to protect existing jobs and be in a position to further grow the team in due course.
“To assure everyone associated with the venue, whether that is a supplier, venue booker or event guest, this is very much business as usual and the venue is not affected in any way.”