Autolyse's Mickey Gubas has vowed to keep the popular Braddon cafe and bakery operating after it was placed into liquidation.
Hayes Advisory confirmed the business went into liquidation on November 15 and was now for sale.
The liquidator is trading on the business to enable its sale at a going- concern value to maximise the return to the creditors.
Creditors resolved to place the business into liquidation and it's understood the Australian Tax Office is the largest creditor.
Mr Gubas said the Canberra business went into liquidation on the back of its failed Sydney outlet, which closed in March last year.
The Braddon cafe continues to trade as usual as the liquidators search for a buyer for the bakery and cafe which has an annual turnover of $3 million and a reputation as one of Canberra's most popular casual eateries.
Mr Gubas said he was determined to buy back the Braddon cafe from the liquidators and keep it a going concern.
"We would like everything to go as smoothly as possible," he said.
It's understood the liquidator will assess the offers and accept the one most beneficial to the creditors.
A sale is hoped to be settled by mid-December. There are no plans to close Autolyse in the meantime, which was as busy as usual on Thursday.
Autolyse opened an outlet in inner-Sydney Chippendale in mid-2014 but closed it eight months later when it failed to get the patronage it hoped for.
Mr Gubas said Autolyse in Braddon had a loyal clientele and was in a strong position, unfortunately becoming collateral damage as a result of the demise of the Sydney outlet.
"It was the worst decision ever to open the Sydney store and if we hadn't done that, everything would be okay," he said.
More than 30 staff are employed by the cafe and bakery.
Hayes Advisory was not yet able to comment how much is owed to staff and suppliers and other creditors of Autolyse.
An advertisement for the bakery and cafe business has been posted online and in newspapers by Hayes Advisory.
It says the business has an annual turnover of $3 million, loyal and committed workforce and "outstanding reputation for quality".
The Lonsdale Street bakery and cafe opened in 2013, long queues soon forming to buy its bread, particularly the sourdough.
The bakery also stocks more than 30 supermarkets and delis around Canberra, most recently the new Coles at Wanniassa.
Sign up for our newsletter to stay up to date.