A government-funded body which brought many high-profile events and concerts to Northern Ireland is understood to be £1.2m in debt.
MLAs are to debate the Northern Ireland Events Company's future on Thursday.
It has also attracted acts like Sir Elton John and Pavarotti, and has also been involved in sporting events.
The company's board and the Culture Department are investigating how it got into so much debt and whether it can avoid being declared bankrupt.
Funding for the company has been cut in recent years, and the debt thought to be £1.2m amounts to half its annual budget.
Some sources suggest the government might bail out the company.
However, Sinn Fein's John O'Dowd, who chairs the Public Accounts Committee, argues that the company has demonstrated poor financial management and should be wound-up immediately.
The company has brought big-name musical acts like the Eagles and Rod Stewart to Stormont.
More recently it has been involved in sporting events like the North West 200 motorcycle race.
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