People who brought personal injury claims against nightclub chain Luminar before it went bust could lose the first £15,000 of their claims.
The firm, which ran the Lava & Ignite, Oceana and Liquid clubs, went into administration with debts of £140m in October 2011, owing more than £80m to banks.
The company was bought by three leisure industry specialists; Peter Marks, Alex Geffert and Joe Heanen.
A total of 123 personal injury claims by bar staff, bouncers and clubbers are being dealt with by insurance brokers but the policy does not cover the first £15,000 of any claim, according to the Guardian newspaper.
Administrators said the details of injuries were confidential.
Nineteen personal injury claims have been received relating to the short period during which Luminar clubs were being run by Ernst & Young administrators.
The £15,000 excesses on these claims are likely to be paid in full.
Luminar was the largest UK nightclub owner by number of venues, with 75 clubs across the UK.
Administrators at Ernst & Young were appointed after lenders refused to extend a recent period of leniency on its debts.
Days before going into administration, student Nabila Nanfuka, 22, of Neasden, north-west London, was killed in a crush at its Lava & Ignite nightspot in Northampton.
At least eight other people were injured, following a “stampede” as people made for the exits when they were told that their buses were leaving.
Luminar’s assets are now made up of 66 operating nightclubs, most of which trade under the Oceana, Liquid and Lava & Ignite brands.