Thousand of jobs could be axed at the Tahmoor Coal mine and Whyalla Steel works in South Australia.
Citibank, acting on behalf of Credit Suisse, is taking the owner Sanjeev Gupta to court in an attempt to wind up two of his operations - OneSteel Manufacturing and Tahmoor Coal.
Credit Suisse is trying to recoup some of the money it is owed by breaking up Mr Gupta's Australian assets.
Federal Member for Hume and Energy Minister Angus Taylor says he's watching the situation closely and is urging workers and the community to remain calm.
He says he'll be doing all he can to ensure the community is supported during this period of uncertainty.