The shakeout of Australia's privatised vocational education market has claimed one of its biggest players.

Acquire Learning, a company which once boasted former AFL boss Andrew Demetriou as chair of its advisory council, went into voluntary administration on Friday on the verge of insolvency.

Acquire Learning Group Managing Director John Wall and the company's former advisory council chair Andrew Demetriou in November 2014. Credit:Pat Scala

Back in 2014 the company was rumoured to be considering a $700 million sharemarket float, but this week was "either insolvent or about to become insolvent," according to newly appointed administrator Barry Wight, of Cor Cordis.

"We will now commence a full investigation of the financial position of the group," he said.