The organisation behind of Australia's largest and longest-standing early stage start-up communities has collapsed into voluntary administration.

KPMG Australia's Gayle Dickerson and Phil Quinlan will oversee a strategic restructing of not-for-profit Fishburners, which has fostered more than 35,000 entrepreneurs since 2011, including furniture company Koala and pet-sitting service Mad Paws.

The Sydney-based hub supports tech founders by providing co-working spaces, programs and networking opportunities to help start-ups grow from idea to revenue.

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The voluntary administrators have assumed day-to-day control of the operations of the organisation.

The company will continue to trade as usual as the administrators assess the business, in conjuction with an accelerated sale and recapitalisation process.

Dickerson said Fishburners had been a pillar of the Australian start-up ecosystem.

"We will seek expressions of interest from parties within the innovation and technology sectors and work with all stakeholders, including the board, employees and founders, to maximise the outcome," Dickerson said.

The Fishburners board said in a statement members have determined a formal restructuring would be the most effective way to achieve a sustainable future.

"The board have been actively engaging in consolidation and investment discussions, which the Administrator will now pursue," the board said.

A first creditors meeting for Fishburners will be held on May 18.

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