Centrepoint Venues and subsidiary Merlin McFlys own the Sugar Sugar/30 Something and The Edge/Level 2 nightclubs, and the Inishmore bar in Coatbridge.
The Edge has been the subject of several police investigations this year, including one where a couple were alleged to have had sex in public during a drinking game organised by the DJ.
Administrator BDO said the club was currently closed due to flood damage, although the other three clubs and the pub were trading until a buyer could be found.
According to their most recent accounts, for the year ended March 31, 2011, Centrepoint made a loss of £662,000 and owed £1.9 million to short-term creditors. McFlys made a profit of £1.1m and owed £344,000.
It comes only months after Raymond Codona, whose family ran fairgrounds for more than 100 years and has also had interests in amusement arcades, transferred the business to minority partner Steve Graham.
Codona was also previously a director in Independent Leisure Concepts (ILC) along with his father Raymond Sr, Georgina Codona and Stephen Sunnucks, a well-known west of Scotland DJ who goes under the name of DJ Daddy Cool. The firm owned the Madness House of Fun bar in Glasgow but went into liquidation earlier this year. Codona Jr is also the director of a company called Barnrigg Ltd that was set up in February and has the same head office address in Clarkston, East Renfrewshire, as ILC, Centrepoint and McFlys.
Steve Graham also owns Glasgow-based letting agency Easylet Properties and Manorview Hotels, which has hotels in East Kilbride, Wishaw and Johnstone.
James Stephen from BDO said: "We are hopeful of securing a sale and the companies will continue to trade while all the options are explored."
He confirmed Codona had sold his interest in the business earlier this year. Neither Graham nor the Codonas could be reached for comment.