Sydney's most iconic Chinese restaurant, known as a favourite haunt for the city's most colourful characters, may have found an 11th hour reprieve. Golden Century Seafood Restaurant on Sussex Street in Chinatown, famed for its live lobster tanks and late-night banquets, looked doomed when it went into administration on August 19 after 31 years in business. A rescue plan hinges partly on the liquidation of Golden Century's stunning wine collection, valued at $1.2million, and on legal action taken by a customer for food poisoning not proceeding. Golden Century Seafood Restaurant on Sussex St in Sydney's Chinatown went into administration much to the horror of its host of regular customers – but it could still be saved Restaurant Supervisor May Su (pictured) stands in the usually crowded award winning Golden Century Seafood Restaurant in Sydney's Chinatown when the pandemic began The wine collection has been placed on auction site Grays Online by the administrators Chifley Advisory. Its holding company, Keenward would also be expected to contribute $750,000 to the rescue plan. Eric and Linda Wong opened the restaurant in 1989 at 405 Sussex Street in Sydney's Chinatown. Over the years it grew into a Sydney icon, being frequented by politicians, business leaders and an array of colourful identities. But after struggling with poor trade and loan repayments during the pandemic, Golden Century finally buckled due to the city's brutal Covid lockdown in mid August. If Golden Century's legendary wine collection (pictured) can fetch the $1.2million administrators Chifley Advisory are seeking, the iconic Golden Century could be saved Golden Century Seafood, famous for its live lobster tanks (pictured), is considered one of Sydney's most iconic restaurants, frequented by politicians, business leaders and an array of colourful characters Golden Century lost $1.1million in the 2019 financial year and $590,000 the following year, but recovered to make $787,905 in the 12 months to June 31 2021 according to administrator's report, which was filed to ASIC. Between July 1 and August 16 the restaurant made just $10,776 from orders. Restaurant managers at Chinatown precincts across the country said revenue plummeted by up to 90 per cent and some businesses collapsed almost overnight when the pandemic began. Coronavirus panic, coupled with travel bans preventing of hundreds of thousands of Chinese-Australians returning home, has left surviving businesses struggling to stay afloat. The creditor's report noted the end of the business came after a dispute with the restaurant's landlord over the renewal lease for its three-floor Sussex Street premises. The notice of appointment of an administrator was posted to ASICs published notices, with the restaurant manager blaming their lease agreement for the closure, saying they were unprepared to sign of for a long contract in 'uncertain times'. Chef Jacky An (pictured) prepares a dish for customers at the award winning Golden Century Seafood Restaurant now struggling to keep the trade flowing While Golden Century Seafood (pictured) was considered the place-to-be for Sydney's elite, hosting lavish banquets for birthdays and work parties, it was also a haunt of politicians The Wongs now also run XOPP restaurant at Haymarket and The Century at Star Casino. The family is in dispute with the restaurant's landlord and over the size of a loan payable between its holding company and the Golden Century business. Landlord Faithful Investment has made a claim of $1.7million against Golden Century. Golden Century reported a debt claim of $2.28million for an outstanding loan, plus rental arrears. The Labor Party's headquarters is just down the street and for three decades some of the nation's biggest political plays have been orchestrated with over endless plates of dumplings in front of live lobster tanks (pictured) and free-flowing booze The administrator calculated Golden Century's rental arrears at $1,549,951.72 for April to December 2020. While the iconic Sussex Street restaurant has been closed since June 26, the company's new restaurant in Darling Square, XOPP, still remains open for deliveries along with their other premises at Star City casino. While Golden Century was considered the place-to-be for Sydney's elite, hosting lavish banquets for birthday's and work parties, it was also a haunt of some of country's most powerful statesman – as well as their wheeling-dealing underlings. Over the years, the restaurant has also hosted some of the world's most famous chefs, including Heston Blumenthal, Alain Ducasse, Anthony Bourdain, Ferran Adria and Jamie Oliver.