Melbourne's Hi-Fi Bar, owned by former Carlton player Luke O'Sullivan, has gone into voluntary administration after a dispute with creditors.

The Melbourne bar is one of three owned by Mr O'Sullivan with others in Brisbane and Sydney.

The Melbourne music venue in Swanston Street is inside the Century Theatre and holds about 800 patrons.

As a mid-size venue it has been popular with indie bands including Foo Fighters, the Dirty Three, Evan Dando, You Am I, Powderfinger and iconic British guitarist Johnny Marr playing gigs there. It is listed as a venue for the Melbourne International Comedy Festival and hosts the Festival Club. It will also host Paul Foot winner of the Best International Act 2014 Sydney and Perth Comedy Festivals.

Two years ago, Prince staged his post-gig after-party at the Melbourne Hi-Fi Bar which saw hundreds turn out for a glimpse of the star.