The owners of a major training provider that collapsed after a government crackdown on "study now, pay later" loans established a "Collective Exit Strategy Trust" for its assets in 2010, before the college even opened its doors.

Key points: Investigation reveals group of training colleges set up a "Collective Exit Strategy Trust"

Investigation reveals group of training colleges set up a "Collective Exit Strategy Trust" Before the mother company went bust, shareholders paid themselves millions.

Before the mother company went bust, shareholders paid themselves millions. One of the company's owners had worked at a similar business in NZ

Global Intellectual Holdings owns Aspire, Keystone and Compass colleges, all of which closed when the parent company suddenly went bust in February, leaving at least 5,200 students stranded.

In the months before Global Intellectual Holdings went into administration, the two key shareholders, Aloi Burgess and Roger Williams, paid themselves about $10 million each through dividends and loans to shelf companies, updated the trust and unsuccessfully tried to sell the company.

The ABC has spoken to four senior executives from the Global corporate structure who all claim they have been unable to contact Mr Burgess and Mr Williams since Global closed its doors.

The executives, who did not want to be named, all said they were shocked to learn of the existence of the Collective Exit Strategy Trust and said they were angry that Mr Burgess and Mr Williams had paid themselves millions.

A corporate law expert has suggested to 7.30 that the directors appear to be using their Collective Exit Strategy Trust to hold at least some of Global's assets.

Mr Burgess and Mr Williams did not respond to 7.30's questions, nor multiple requests for comment.

The ABC travelled to Queensland to numerous addresses registered in both directors' names, but no-one was home.

The ABC put specific questions in writing about the trust to Mr Burgess and Mr Williams but received no response.

Neighbours told the ABC they believed Mr Burgess and his family were overseas.

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Government crackdown on sector

The Federal Government has cracked down on taxpayer-funded VET-FEE-HELP loans after claims of widespread rorting.

Colleges and marketing companies were accused of targeting vulnerable people outside places like Centrelink with the offer of free laptops.

Many vulnerable students in the sector struggled with the demands of a diploma-level course and dropped out, leaving themselves with a hefty VET-FEE-HELP debt and no job.

Vulnerable people were signed up to the courses outside places like Centrelink. ( AFP: Martin Bureau )

The federal Education Department signs off on funding for the VET-FEE-HELP scheme that companies like Global have benefited from.

Global Intellectual Holdings' government funding grew from $1.7 million in 2013 to $35 million in 2014.

Its total income in 2015 was more than $80 million.

The Education Department said in a statement to the ABC it could not comment on Global because it was not an approved VET FEE-HELP provider.

The company received its VET-FEE-HELP payments through one of its subsidiary colleges, the College of Creative Design and Arts.

"In general, the department considers various risk indicators both for the purposes of determining payment estimates and to target compliance activities," it stated.

The ABC asked the Education Department what action, if any, it would take to recoup funding from Global and from Mr Burgess and Mr Williams.

"The department works with the provider's administrator to undertake a reconciliation to determine any monies owed to either party," it stated.

The administrator, Hall Chadwick, did not respond to questions.

We were scam artists: spruiker

Jacob De Battista worked as a recruiter for Global's marketing arm. ( ABC News )

Jacob De Battista, 25, was a recruiter for Global's marketing arm, National Training and Development.

He has gone public with his experience after feeling guilty about the company's high-pressure sales tactics.

"Everyone called us the scam artists, which I can't really deny," he said.

Mr De Battista said the company gave cash incentives to spruikers, and even to students to recruit their friends.

"They [the company] were running lies to make us seem like we were doing something good for the community," he said.

"I was desperate to keep my job."

Mr De Battista said spruikers regularly attracted police attention and fines for their street-selling tactics, which included hiding around the corner from Centrelink.

"I used to manipulate people of all walks of life," he said.

"A lot of the time I knew they weren't capable of completing a diploma."

After seeing how the company targeted the Indigenous, Department of Housing residents and welfare recipients, Mr De Battista started to turn.

His most memorable target was a retired disabled woman called Liz Jolley he signed up outside Centrelink.

Liz Jolley was signed up to a diploma course at Keystone College in Victoria. ( ABC News: Sam Clark )

She wanted to do an introductory computer course but Mr De Battista signed her up to a $22,500 degree in Interactive Digital Media.

"Some of the people I enrolled I made an effort to help them out because I knew they shouldn't be enrolled," he said.

Disability pensioner Ms Jolley said she actually enjoyed the course but it was largely beyond her capabilities.

She said she did not blame Mr De Battista.

"It's not his fault I couldn't do it," she said. "I blame the Government."

'New Zealand model' exported to Australia

The ABC can reveal Aloi Burgess had reason to expect he would leave the industry prematurely.

Global's colleges replicated the business model used by a training college Mr Burgess was involved with in New Zealand.

Training sector collapses: Gone Bust: Global Intellectual Holdings (Aspire, Compass, Keystone, Australian Indigenous Colleges, Australian College of Creative Design and Arts, Designworks College of Design), Phoenix Institute, Vocation

Global Intellectual Holdings (Aspire, Compass, Keystone, Australian Indigenous Colleges, Australian College of Creative Design and Arts, Designworks College of Design), Phoenix Institute, Vocation Deregistered by ASQA: Unique International College, Phoenix Institute of Australia, Australian Institute of Professional Education (AIPE) , Empower Institute (Cornerstone)

Unique International College, Phoenix Institute of Australia, Australian Institute of Professional Education (AIPE) , Empower Institute (Cornerstone) Court action by ACCC: Unique International College, Phoenix Institute, Empower Institute, Acquire Learning

That company, Carich, also went in receivership back in 2003 when the New Zealand Government restructured the training industry following a failed attempt at deregulation, very similar to the Australian experience.

Carich, like Australian training companies that came after, offered internet-based learning to students from low-socio economic areas with the lure of free laptops.

It reaped about $20 million in tax-payer subsidies and government-backed student loans.

Mr Burgess worked as a trainer for Carich before coming to Australia and working as national sales manager for ACTE, the company that became controversial training giant Evocca in Australia.

Mr Burgess left the company to go into business with Mr Williams, and they also co-owned marketing company National Training and Development (NTD).

Associate Professor Jason Harris, who is a lecturer in corporate law at the University of Technology Sydney, said there was a strong case for the corporate regulator ASIC to investigate, especially given the company's revenue relied largely on taxpayer funds.

"There's potential action from the liquidator in terms of uncommercial transactions, unreasonable director-related transactions and there's also the potential for ASIC to investigate with respect to breach of directors duties and other offences under the Corporations Act," he said.

What happens to the students?

Rod Camm from industry group the Australian Council for Private Education and Training (ACPET) said the group was working with students affected by Global's collapse.

He said students from Aspire College and the Australian Indigenous College would be transferred to an unrelated company called Study Group Australia, and those two colleges would trade while in administration.

He said ACPET was working with other affected students to find them new colleges or get the Education Department to waive their debt.

Mr Camm said the Federal Government could have played a greater role in preventing companies like Global from expanding so quickly by doing more in monitoring and compliance.

"There's no question in 2014 and 2015 providers public and private grew significantly and probably grew faster than we've ever experienced in the education sector before," he said.

"Government were getting the enrolment data, were getting the payment data and could see the rate of growth."