Creditors of an international golf club will meet on November 20 to learn how much they will be paid after the company's break-up.
The Oxfordshire Golf Club at Milton Common, near Thame, was sold for a record figure of more than £6m after being put into receivership.
The new owners, Leaderboard Golf, have kept on all 55 staff.
Its previous Japanese owners Nitto Albion and Nitto (Oxfordshire) ran into difficulties following an audit of the accounts which showed that, while it was not making a loss, it could become technically insolvent if up to 650 people and organisations took up a clause to surrender their debentures.
As a result, Alan Bloom and Alan Lovett of Ernst & Young were appointed joint administrators.
It is understood debenture holders will receive some form of payment.
It is not clear whether the debenture scheme would be retained or dissolved in favour of normal membership fees.
The creditors' meeting is at the Majedski Stadium, in Reading.
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