The future of Carriageworks remains uncertain after a meeting with creditors was deferred on Tuesday.

The venue's creditors were due to vote on a directors' rescue plan – supported by some leading Sydney philanthropists – intended to lift the multi-arts space out of voluntary administration.

The bail-out is contingent on Carriageworks securing a long-term lease with Create NSW and an indication from the government's arts agency that it would renew its multimillion-dollar funding from 2021.

In a letter to creditors, KPMG's Phil Quinlan said the board's directors were in constructive negotiations and further time was required to conclude those discussions.

The meeting has been adjourned for up to 45 business days.

Reliant on commercial activities for 75 per cent of its revenue, Carriageworks collapsed in May in the wake of the pandemic shutdowns on public gatherings. Budget overruns on significant public art projects, including Nick Cave's Until, had also impacted the art company's bottom line.