The company said the decision was made after a full review of its obligations and duties.

The administrators will conduct an independent assessment of the financial position and ongoing viability of the business, and will continue to trade throughout that process.

“We will undertake an urgent assessment of the financial position and ongoing viability of the company and its business operations,” FTI leader Australia, corporate finance and restructuring John Park said.

“No significant changes to the company’s trading operations are anticipated in the immediate term.

“As administrators, we will act independently at all times, although we will work with Queensland Nickel management and staff in continuing to operate the business.”

It comes after a restructure was announced on Friday, resulting in the loss of 237 jobs.

Queensland Nickel blamed the low nickel price and the lack of support from the Queensland government.

However, the company came under fire over the weekend after the ABC reported that it donated nearly $A290,000 to Clive Palmer’s political party, Palmer United Party, only weeks ago.

Queensland Nickel managing director and Palmer’s nephew, Clive Mensink, said he believed the company could continue operations and emerge from administration.

“It is my understanding that the administrators will be in contact with all stakeholders and the operations of QNI will continue on as usual,” he said.

“From our perspective it is business as usual and employees of QNI will continue productivity at this difficult time.

“QNI plays an important role in North Queensland’s economy and I believe that will remain the case in the future once restructuring is completed in this volatile commodity environment.”

The first creditors meeting will be held later this month.