The Australian Securities and Investments Commission took the action against Tinkler and two of his associates, Troy Palmer and Donna Dennis, for breaches of the Corporations Act, including allowing a company to trade while insolvent and failing to discharge duties as a director.

Tinkler, 41, who founded the Aston Resources company that first acquired and developed the Maules Creek coal mine in New South Wales, has recently been involved with Australia Pacific Resources which is seeking to restart mining at the Dartbrook coal mine, also in NSW.

However, Tinkler relinquished his AusPac executive and board positions after he was declared bankrupt in 2016 on claims from GE Commercial over US$2.3 million it was owed from the sale of a private jet.

ASIC commissioner John Price said: "The disqualifications imposed on these directors should highlight the consequences that can follow when companies are poorly managed.

“ASIC will seek to hold company directors accountable if they systemically fail to discharge their obligations when managing companies.”

Tinkler, who at the height of his career was believed to be worth $1 billion first came to prominence in 2006 when he raised $1 million for a deposit on the disused Middlemont mine in central Queensland.