Australia's answer to Willy Wonka, Adrian Zumbo, has been forced to watch his empire built on sweet treats crumble into voluntary administration.

Administrators held a creditors meeting with the reality TV chef on Wednesday where it was revealed his debts could soon amass $10 million.

Zumbo, however, was reported to have $8 million worth of assets, inclusive of equipment and company owned property, Good Food reported.

Australia's answer to Willy Wonka, Adrian Zumbo (pictured), has been forced to watch his empire built on sweet treats crumble into voluntary administration

Administrators held a creditors meeting with the reality TV chef on Wednesday where it was revealed his debts could soon amass $10 million

Administrators appointed to companies directed by Zumbo, made up of landlords and trade creditors, confirmed his eight Sydney and Melbourne eateries would remain open.

Zumbo built his business empire off the back of appearances on Masterchef and his own cooking show on Channel Seven, Zumbo's Just Desserts.

He opened Melbourne high-tea salon, Fancy Nance, in 2016, and recently faced start-up delays on $500,000 high-tech macaron-making machine.

The dessert king also recently sold his luxurious Balmain home for $1.7 million.

The exact reason for his company's financial collapse is not known.

Administrators appointed to companies directed by Zumbo, made up of landlords and trade creditors, confirmed his eight Sydney and Melbourne eateries would remain open

Zumbo (pictured with contestant) built his business empire off the back of appearances on Masterchef and his own cooking show on Channel Seven, Zumbo's Just Desserts

Reports suggested an investor could be interested in bailing Zumbo out of the deep, with the anonymous identity rumoured to have eyes on his innovative products like his sweet opus, the V8 Vanilla cake and darker chocolate V8 Diesel.

Daily Mail Australia has contacted Zumbo for comment.

Zumbo made headlines in January last year after going public with his girlfriend, Nelly Riggio, who was a contestant on My Kitchen Rules.

He came under fire in May last year for allegedly ripping off his staff and treating them poorly.

The world-famous patissier was accused of withholding superannuation from his staff, not paying them their proper rates and failing to pay them for overtime.

Zumbo made headlines in January last year after going public with his girlfriend, Nelly Riggio, who was a contestant on My Kitchen Rules