Blackwood sued Mulsanne Resources after the mining magnate’s company agreed to buy a 33.85 per cent stake in it for $28.4 million, but then failed to follow through with the deal.

Mulsanne Resources was also ordered to pay Blackwood's costs of the winding up action after he missed an extended deadline to pay the money as part of a placement.

The NSW Supreme Court ordered today that Mulsanne Resources be wound up. It appointed Robyn Duggan and John Melluish from Ferrier Hodgson as liquidators in order for Blackwood to recover the debt.

Tinkler, who now lives in Singapore and is believed to hold $500 million of personal debt, also failed to raise the finances in August to fund his $5.3 billion privatisation bid for Whitehaven Coal.

He subsequently criticised the board of Whitehaven for failing to control costs at its New South Wales operations, as the company’s share price plunged by 50% over the past six months.

Tinkler is a 19.4% shareholder in Whitehaven and he has seen his net wealth decline with the company’s share price.

“The powers of the directors of Mulsanne Resources are suspended and the liquidators will take control of the company,” Blackwood said in a statement.

“The liquidators will undertake investigations into Mulsanne Resources and the company’s affairs, and will seek to collect and recover property and assets of Mulsanne Resources to apply to meet the claims of the creditors.”

Blackwood said Mulsanne Resources agreed to subscribe 95 million shares at 30c per share, representing a 50% premium to the five-day volume weighted average price of 20c per share.

Blackwood’s shares were down 4.5c at 13.5c this morning.