Gold Bus Ballarat may face a fine of more than $15,000 after a 3.8 metre bus drove into a bridge with only a 3m clearance in Montague Street, in South Melbourne on Monday morning.
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While the driver may face a personal fine of $758 for failure to obey a low clearance sign, the fine may be increased if the matter goes to court.
Should the matter be taken to court and maximum penalties are imposed, the driver faces a fine of $3033, while the company would face a $15,167 penalty, according to a VicRoads spokesperson.
Fifteen people, including the driver, were on board the bus at the time of the crash, with 11 of those being taken to hospital.
Police are currently investigating what led to the incident and why the vehicle was on the road.
Gold Bus Ballarat has no regular routes which involve travelling under the bridge.
Police declined to say what the likely penalty would be for the driver and Gold Bus Ballarat, saying the investigation was ongoing.