Liquidators acting on behalf of the creditors of Mulsanne – including its largest creditor, Blackwood Corporation – are also suing for breach of their duties as directors in regard to the share placement agreement approved by Blackwood shareholders at a general meeting on July 12.

On November 20, the Supreme Court of New South Wales ordered that Mulsanne Resources be wound up under the Corporations Act and that Robyn Louise Duggan and John Melluish of Ferrier Hodgson be appointed as its joint and several liquidators.

On March 14-15, the liquidator conducted public examinations of its directors – Tinkler and Matthew Keen – and former company secretary Aimee Hyde.

“In addition to the public examinations, the liquidator has now also reviewed the documents returned by Mulsanne Resources and its directors and former company secretary in relation to the conduct regarding the share placement agreement,” Blackwood said in a statement.

“We are advised that from the evidence collected, the liquidator has formed the view that there is a case to answer for insolvent trading and breach of directors' duties.”

If the court finds the directors and officers liable for insolvent trading, it may make compensation orders against them personally, for which they will be jointly and severally liable, according to Blackwood.

“In this case, the liquidator has indicated that it will enforce the orders against any or all defendants,” Blackwood said.

“Blackwood will continue to monitor the recoverability of the monies owed to the company under the share placement agreement and will keep the market updated on further developments.”