A last-ditch bid to save Canberra's historic rail museum was rejected 24 hours ahead of an auction to sell off its assets.
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The museum's collection will go under the hammer on Wednesday after the company behind it collapsed, leaving $700,000 of debt behind.
Ian Oliver and Dallas Dogger from Capital Holdings said they had offered a "substantial" sum to buy a collection of museum assets including steam engines and carriages.
They had planned to open a transport museum at the Kingston site which would include old fire engines and working train exhibits.
But their offer was rejected on Tuesday morning, with liquidators instead encouraging them to bid for assets at auction.
"We were not given the opportunity to discuss, revise, or change our offer and that has disappointed us, as we sincerely wanted to help," Mr Dogger said.
"We had made it clear that we were willing to work with other parties for the good of the collection, working towards a sustainable outcome.
"This was not a cynical grab for assets by us. Far from it, our motives were philanthropic and proudly ACT-based."
The Canberra Railway Museum shut its doors in November after its freight company – started to subsidise popular but expensive heritage train trips – collapsed, leaving more than $700,000 in debt.
It is understood about $100,000 is owed to employees, while $170,000 needs to be paid to the Australian Tax Office.
Financial services firm Deloitte has previously described the liquidation process as "complex".
"We need to balance creditors interests and the return they are entitled to expect, together with preserving and protecting items of historical and heritage significance," a spokesman said.
"These interests compete. Employees for example are owed over $100,000."
