A by-election in the Brisbane electorate of Ferny Grove would be the "most likely outcome" following revelations a candidate was bankrupt and ineligible to run, Liberal National Party (LNP) state president Bruce McIver says.

On Tuesday, the Electoral Commission of Queensland (ECQ) said it had confirmed Palmer United Party candidate Mark Taverner was an undischarged bankrupt.

Sorry, this video has expired Qld election result delayed as counting continues ( Chris O'Brien )

That rules him ineligible from running for Parliament, leaving the ECQ to seek Crown law advice on what to do next.

Labor is ahead of the LNP by just 487 votes in the seat, with about 82 per cent of the vote counted by Wednesday afternoon.

Mr Taverner had so far received just 836 votes from the 32,479 people on the roll.

Across the state, Labor has secured 43 seats and the LNP 39, both are negotiating with crossbenchers and an independent to form a minority government after Saturday's poll.

If the LNP take Ferny Grove off Labor in a possible by-election, it may help their bargaining position.

The Electoral Commission said it had confirmed Mr Taverner was an undischarged bankrupt. ( palmerunited.com )

Speaking on 612 ABC Brisbane, Mr McIver said if the circumstances as they were known were "true and correct", then there should be a by-election in the electorate.

"I understand he's [Taverner] got over 800 votes ... we at the moment the last time I looked at the count were 350 or something behind [Labor]," Mr McIver said.

"So where would those votes have gone if he wasn't allowed to stand, that's the question.

"I think in fairness to the people of Queensland and Ferny Grove, a by-election could have to come.

"I understand law advice is forthcoming ... but I think a by-election would be the most likely outcome."

The ECQ has issued a statement saying a by-election was an option, but counting would continue until more legal advice was sought.

"Options open to the commission include a challenge in the Court of Disputed Returns of the Ferny Grove election which may result in a by-election for the district," Commissioner Walter van der Merwe said.

"At this time the commission continues to count ballots across the state with declarations for some districts to be made by the end of the week."

Independent to reveal support for either Labor or LNP

On the latest figures, Labor was in a better position than the LNP to form government, but likely not in its own right.

Independent MP Peter Wellington has met with Labor's Annastacia Palaszczuk and the LNP's Lawrence Springborg, and will announce on Thursday who he will support for minority government.

He hopes to make a joint announcement with the two Katter's Australian Party (KAP) MPs, who have also met with both major parties.

Crossbenchers Shane Knuth, Peter Wellington and Rob Katter have met in Brisbane this morning. ( ABC News: Chris O'Brien )

At the weekend, Mr Wellington had been a severe critic of the LNP, but said he had looked forward to frank discussion with Labor and the LNP to talk about a whole range of issues.

"Queensland needs certainty, needs stability and that's what my focus is about at the moment," he said.

He said a stable government was crucial and that would help him make up his mind.

Ms Palaszczuk said she would offer a stable leadership.

"We know the LNP is in absolute chaos at the moment - all of their election commitments are based on asset sales," she said.

"They therefore have absolutely nothing."

Katter Party's federal leader Bob Katter said the crossbenchers wanted to see government formed soon.

He said, however, neither Labor nor the LNP could deal with the loss of jobs in the resources sector.

"Whatever government comes in they're looking at 40,000 jobs vanishing," he said.

"There's an economic Armageddon coming down the track. These people are not intellectually capable of dealing with the problem, nor are they actually interested in the problem."

Seeney 'out of line' to call party room meeting

Meanwhile, Mr McIver said a party room meeting to discuss the LNP leadership would be called either this week or next.

"Campbell Newman is still the premier during this caretaker phase until government is known," he said.

"Campbell will call a party room meeting at an appropriate time, he's the only one who can call it."

Mr McIver said outgoing deputy premier Jeff Seeney was "out of line" on Monday when he called a party room meeting for Tuesday to discuss the matter.

The meeting ended up being cancelled hours after it was called.

"Campbell is the only one who can call it. He's still the premier. He's got to go to the Governor to resign his commission at the appropriate time," Mr McIver said.

"Campbell is the leader and he will call the party room meeting when Campbell sees fit.

"My best guess would be later this week, early next week.

"We're also looking to firm up some seats to know who is in the party room."

Earlier this week, LNP Speaker of Parliament Fiona Simpson announced she would contest the party's leadership following outgoing Premier Campbell Newman's loss in his seat of Ashgrove.

The ABC also understands that outgoing Treasurer Tim Nicholls and Health Minister Lawrence Springborg may try to form a unity ticket as leader and deputy respectively.