High level negotiations are under way to find a developer to take on the regeneration of Hayle harbour.
The harbour operators say talks are back on track
It had been hoped the owners would have filed applications for a marina, shops, cafes and hundreds of new homes by now.
But principal landowner, Rosshill Properties, has been placed into administration.
And Phillip Curruthers, a former director of harbour operators the Hayle Harbour Company (HCC), was adjudged bankrupt last month.
Penwith District Council and the HCC now say they are in negotiations with a number of regional, national and international developers.
The HCC says it has not been affected by the personal circumstances of Mr Curruthers.
Council chairman Jim McKenna, said: "We are refusing to give up on this project.
"I hope that the changes might not mean more long drawn out delays."
Hayle, which stands at the head of an estuary opening into St Ives Bay, has been seeking regeneration investment since the 1970s when thousands of jobs were lost when a power station and foundry closed.