“This has obviously been incredibly stressful for us, but we’ve worked hard to make sure that the SRC is not affected by this. Because whatever happens it would be incredibly wrong for us to be negatively affected, and I would say the same for the QMU and the Sports Association as well.”

A spokeswoman for the University confirmed that crisis talks were taking place with the GUU, which is independent of the University and responsible for its own finances. She declined to speculate about the outcome of the talks.

Union President Chris Birrell, who has been in office for only one month, refused to reveal how much the GUU was asking for to cover its shortfall. He blamed the Union’s financial troubles on a variety of factors, and emphasised that money troubles are affecting a number of student unions around the country.

He said: “Financial difficulties are faced by many other student unions throughout Scotland and the UK. On the whole it’s difficult because bars in town are putting on much more competitive rates all the time.”

The Union’s full accounts are due to be completed on April 30th.