Prime Minister Malcolm Turnbull has slammed Clive Palmer's "shocking" management of Queensland Nickel, as creditors meet with sacked workers and companies owned money.

The Townsville refinery went into voluntary administration last week just days after it laid off more than 237 people.

It is believed the company owes about $70 million including about $14 million in employee entitlements.

Mr Turnbull said Mr Palmer had "let down the workers there".

"His management of Queensland Nickel, from what we know to date, is shocking," Mr Turnbull told Melbourne-based radio station 3AW.

"It's been very disappointing for someone that's sought to hold himself up as a champion, but the only thing I'm concerned about, frankly, with that mine, that smelter I should say, is that the industry continues, the jobs continue, the workers are looked after.

"We're doing everything we can to ensure that, but I would forecast that Mr Palmer's time as the owner of that [smelter] will be coming to an end."

Mr Palmer previously said he was not responsible for paying workers out, as administrators were in control.

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On Twitter, he responded to Mr Turnbull's comments, hitting out at the PM's investments in the Cayman Islands.

"Malcolm Turnbull needs to lead by example and invest in Oz's future," he wrote.

"If PM of our country won't invest in Oz, why would anybody else?"

Upon his election to Federal Parliament in 2013, Mr Palmer stepped down as director of the ONI and said he had only been in a supervising role since.

In a statement released today, the new managing director of QNI and Mr Palmer's nephew Clive Mensick, said his uncle was committed to helping save jobs in Townsville.

"How anyone could attack the strong commitment Clive Palmer has shown to Townsville since 2009 is difficult to understand," he said.

"He invested his money to save our operations when no-one else would.

"In good times he gave away 55 Mercedes Benz and over 1,300 overseas holidays to staff.

"While 237 jobs have been lost because of low nickel prices, we are trying to save over 2,000 jobs.

"I don't see anyone else trying save jobs in north Queensland."

Administrators meet with creditors in Townsville

The stoush comes as sacked workers and companies owed money by the troubled refinery come together to find out what position the company's finances are in.

It is expected that administrators FTI Consulting will outline the company's debt situation to creditors at the meeting, being held in Townsville this morning.

More than 200 people attended the meeting, but Mr Palmer sent someone in his place.

Sacked worker Norm Napier, who attended the first part of the meeting, said he should have been there.

"I think it's pretty poor. Just come and tell us what he wants to do, what's happening," he said.

He said workers had been kept in the dark.

"We had half an hour. Security took us back to our office, had to pack our gear and get off site," he said.

At a second meeting, creditors will get a chance to vote on whether to put the company into liquidation or keep trading and try to survive.

The ABC understands administrators will recommend that Queensland Nickel keep trading.

