The hotel closed its doors on Monday, May 18 and The Leader understands the company, Glentress Investments Pty Ltd, owes up to $600,000 in debts but has some assets listed which could minimise part of the losses.

Esther and David Cameron took control of the lease of the hotel on September 15 from The Pub Group, after renovations to the Brisbane St building.

The Pub Group's Bevan Douglas said the lessee put themselves into voluntary administration.

He said they could not make any decision about their next step as yet because it was in the hands of ASIC.

"Until such time as that's been resolved, we are not in a position to say what will happen," he said.

A meeting of creditors will be held in Sydney on Monday ((June 1)) at TPH Insolvency with several local creditors believed to be owed money and attending the meeting.

Last year, Mr and Mrs Cameron said they wanted to revive the accommodation rooms by the middle of this year and were aiming to market the hotel as a fine dining experience for locals.

The couple moved to Tamworth mid-last year to take on the lease with Mr Cameron working as an accountant at LBK solicitors in the city.