Vocation specialise in delivering training programs to some of Australia’s leading businesses and provide employees with nationally recognised qualifications.
Moreover, the company is famous for being the first training provider to be listed on the Australian Stock Exchange.
Only a few days ago, the training provider said it secured a $4.2 million contribution from the founders of some of the companies that were merged to form Vocation at the time of its float.
The administrators said in a statement that they are currently undertaking an urgent assessment of the business and will work on determining how the voluntary administration should proceed.
Around 12 months ago the company was forced to give up $19.6 million in government funding from the Victorian Department of Education following an investigation into two of its registered training organisations (BAWM and Aspin) in Victoria.
After this occurred Vocation’s share price collapsed and BAWM and Aspin were stripped of their registrations for breaching quality standards.
Vocation has colleges in New South Wales, Victoria, Queensland, and South Australia which include Avana, Real Institute and the Consumer Service Institute of Australia.
These colleges might all be forced to close after the emergency review is conducted into Vocation and its subsidiaries, according to Fairfax.
Private training provider Vocation has been placed into voluntary administration after it was unable to raise enough money to keep operating.