Licensing chiefs in Glasgow will decide on the fate of The Arches on March 14, six weeks after the death of 17-year-old Regane MacColl, where the range of sanctions includes shutting down the venue.
It follows a request by Police Scotland for a review of the venue's licence.
The Arches also houses an acclaimed arts venue, which, although part-funded by the public purse, relies on cash from its nightclub for the bulk of its revenue.
Any sanction will depend on whether the licensing board considers the venue could have done anything within reason to prevent the tragedy.
It has already increased its age policy to over-21s and has been liaising with police over the teenager's death.
Regane, from Duntocher, died in the early hours of Sunday, February 2, after spending Saturday night at the Colours club at The Arches.
She is suspected to have consumed a Mortal Kombat ecstasy-type pill, either before or within the club.
Recent licensing laws mean any sanction can be imposed immediately.
In 2008, The Arches had its licence suspended for six weeks after police officers uncovered an orgy involving around 30 men during a gay night known as Burly.