Clive Palmer has announced he will sue the administrators of Queensland Nickel for $1.2 billion, alleging they "lied" in their report and attempted to cover up "wrong doing".

The inveterate litigant announced that he and two of his companies would serve a statement of claim in the near future against FTI Consulting senior manager "John Park, his colleagues and FTI in respect of their administration of Queensland Nickel and the illegal diversion of the Queensland Nickel Joint Venture Funds and assets".

FTI Consulting vowed to "strenuously defend these allegations", saying Mr Palmer's claims are "completely without foundation".

Mr Palmer placed the Yabulu refinery in Townsville, run by Queensland Nickel, into voluntary administration in January, appointing FTI Consulting to oversee operations.