Staff at the doomed Bridgewater Aged Care Facility in Melbourne will be out of pocket by $500,000 after the nursing home was closed down.

The 81 residents at the home in Melbourne's north now have to find new accommodation following the failure of the administrator to find a buyer.

Administrator Stephen Longley of PricewaterhouseCoopers said closing down the facility allowed the staff to access redundancy, holiday and other payments but they would miss out on their superannuation savings worth as much as $500,000.

Residents and investors of Bridgewater held a meeting on Monday night in a last ditch attempt to keep the home open but were told that efforts to reach an unconditional sale of the facility as a going concern had failed.

"It is a disappointing outcome for everyone involved," Mr Longley said.

"We were working to achieve the sale by close of business yesterday but were unable to demonstrate that there was sufficient funding to continue to operate for another month, which was the realistic timeframe needed to complete the proposed sale."

A creditors' meeting will be held next month to propose that the operators of Bridgewater - Vitality Care Commissioning and Vitality Care Operations - be placed into liquidation.

This would allow staff to access the federal government's General Employee Entitlements and Redundancy Scheme (GEERS) scheme which will fund leave and redundancy entitlements.

"However, this will not cover approximately $500,000 in unpaid superannuation contributions owing to current and former staff," Mr Longley said.

The liquidation process will also trigger the refund of the accommodation bonds paid by residents and former residents to Bridgewater under the accommodation bond guarantee legislation.

"To come up short at this point is frustrating but to sell the nursing home required the agreement of 45 separate parties under a strata title arrangement," Mr Longley said.

"The complexity of these negotiations meant the deal could not be struck before the deadline."

Source: Nine News