House nightclub and Boutique Bar, formerly Escapade, which opened its doors on Wellington Street in the summer promising ''a fresh clubbing experience'' owes creditors thousands of pounds.
The club is run by Mat Moriarty and Bill Surtees but closed last week.
When the club was launched at the end of July in a blaze of publicity Mat said: "It's a major investment of just short of £1m.
"We believe it's the right thing to do, not just for ourselves but for Barnsley as well."
The club featured several themed rooms - including a Digital Ballroom, Electric Boutique and the VIP Mavericks Club while the ballroom was a showroom with professionally choreographed acts and dancers.
He added: "There will be four or five different shows with full costume changes.
''It will also have the pyrotechnics, indoor fireworks, and we have purchased a lighting rig that's coming from Cancun in Mexico, which is a bit special.
"We're pushing the boundary a bit. Late bars have evolved and clubs need to do the same or they will become extinct."
But Wentworth Flooring Ltd which provided £10,000 of flooring said it had only received a cheque for £1,000.
A spokesman said: ''We are not big enough to sustain losses like this but what can you do? It's not good.''
And David Fleetwood, of The Mullwood Wine Company in Southport, who supplied liquor, mainly spirits worth £5,700 said he was struggling to obtain any payment.
He said: ''I phoned on Wednesday asking for payment and they said they were going into liquidation.
''These guys were recommended to us by another big nightclub operator who is now very embarrassed. I just can't believe something like that has fallen so fast.
''I've been left high and dry. I asked about my stock but they said there wasn't anything left - I was told they had sold all the stock - and all the fridges are gone before it goes into liquidation.
''Apparently they put a lot of their own money into it.''
Steve Oddi, an insolvency case manager at Wakefield-based O'Hara and Co, confirmed that he had met Mr Surtees last Thursday.
He said: ''The situation is that we have been asked to advise them on various potential issues so they can assess their options and we have left it at that. We are not acting for them and have not been formally instructed.
''I can't say what the directors intend to do.''
He was unable to say whether the club would trade this weekend.
Neither Mr Surtees nor Mr Moriarty responded to Chronicle requests for comment.