The Hyatt Regency Coolum does not have enough money in the bank account to continue paying its 650 employees beyond two more weeks.
Administrator Ginette Muller from KordaMentha held an urgent meeting with staff on Monday after rejecting offers from both Hyatt and Clive Palmer to provide money to guarantee salaries.
A $1 million offer from Hyatt to administrators to allow working operations at the resort to continue has not been accepted as it has "many strings attached", Ms Muller said.
"The security sought is a mortgage over another entity, not Coolum Resort Pty Ltd," Ms Muller said.
"The administrator has also not accepted the $1 million offer from Clive Palmer to allow trading to continue. It also has strings attached. It is offered on the proviso Hyatt leaves."
Read the full story in the Sunshine Coast Daily.