After it was announced the long-established Golden Grill will put up for sale.
Receivers have moved in, and agents Sherry Fitzgerald Rainey have begun advertising the Port Road premises.
The Bank of Scotland has appointed accountancy firm Farren Roarty to administer the night club's assets.
Accountant Seamus Farren said: "The business will be sold as a going concern on the open market. I have a duty to the creditors and employees.
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"My job is to realise the asset at full market value and look after the interest of the creditors."
During the last forty years the 'Grill' has became synonymous with Letterkenny's thriving nightlife.
The bar is known across Ireland as one of the country's longest running clubs.
Opened in 1961, by former Fianna Fail Senator Bernard McGlinchey, the club grew from strength to strength during the mid-60s, offering a string of cabaret acts, showbands and pop and rock groups.
More recently, the Grill has hosted some of Europe's top DJs and music acts.
The proprietor's son, Paul McGlinchey, took over the family business last year.
The club closed for a number of months as it underwent a multi-million euro refurbishment scheme.
This was the second phase of a larger improvement project, following a restaurant and casino installation, in 2006.
For a time the club was open six nights a week, hosting everything from bingo nights to Fianna Fail conventions.
The Grill employed more than twenty local people, many of whom worked for the McGlinchey family for more than thirty years.
(PR/JM)
