Troubled private training provider Vocation has been placed into voluntary administration.

The ABC understands existing students can continue their courses but the company will stop taking new students until it assesses its options.

The private training college was forced to recall thousands of qualifications in the last two years after some courses were found to be substandard.

Vocation Limited was the first private training company to list on the Australian stock exchange.

But its share price plummeted last year after the company was forced to hand back nearly $20 million in Victorian Government funding because of quality concerns.

Law firm Maurice Blackburn is representing investors in a class action against the company, claiming Vocation misled the share market by not immediately revealing the loss.

Today Vocation announced to the stock market today that its appointed administrator Ferrier Hodgson.

"It is now clear that current and potential investors are not willing to inject additional funds into the company," Vocation chairman Doug Halley said in a statement.

The ABC has tried to reach the agency for comment.