A whistleblower warned the corporate regulator a Sunshine Coast caravan company was trading while insolvent three months ago, documents have revealed.

A cancer survivor and retirees fear they have lost hundreds of thousands of dollars after Zone RV in Coolum Beach was placed into voluntary administration on Monday.

WATCH THE VIDEO ABOVE: Zone RV collapses leaving customers out of pocket.

Staff were called into a meeting and told the news, which came just weeks before Christmas.

Natalie Webb and husband Steve handed over $70,000 and had a holiday planned.

“(Steve’s) had two bouts of cancer and we just basically live scan to scan, so we were very excited to get our new van and head off,” Webb told 7NEWS.

Another customer said they were $150,000 out of pocket, and a third revealed they had paid $190,000.

7NEWS has seen documents showing a whistleblower made an official complaint to the Australian Securities & Investments Commission (ASIC), claiming Zone RV was trading insolvent in September.

But ASIC decided against taking action, saying “we have determined not to take any further action at this time”.

The whistleblower asked the corporate regulator to reconsider in October and November.

On November 17, ASIC said it was reviewing its original assessment of Zone RV.

“I’m gutted, I’m angry, I’m pissed off. It’s wrong. If they knew they were in this bad a shape, they shouldn’t have taken the money,” said customer Jason Humphreys, who paid his final instalment to Zone RV just...

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