Blackwood applies to freeze Tinkler assets

FORMER coal billionaire Nathan Tinkler faces the prospect of having his assets frozen after liquidators acting for coal junior Blackwood Corporation lodged an application with the Supreme Court of New South Wales.
Blackwood applies to freeze Tinkler assets Blackwood applies to freeze Tinkler assets Blackwood applies to freeze Tinkler assets Blackwood applies to freeze Tinkler assets Blackwood applies to freeze Tinkler assets

Nathan Tinkler

Staff Reporter

Blackwood is the largest creditor of Tinkler’s defunct Mulsanne Resources and is suing the directors for alleged insolvent trading after they failed to complete a $28.4 million share purchase in Blackwood.

The liquidators allege that Tinkler breached his duties as a director by agreeing to buy Blackwood shares when he knew the company did not have the funds to complete the deal.

Blackwood released a statement announcing that the liquidators had applied for a Mareva injunction, or an asset freezing order, not only of Tinkler’s assets but also the assets of the Tinkler Family Trust and his wife, Rebecca, its trustee.

"The Mareva injunction is seeking to have assets of Mr Tinkler and/or the Tinkler Family Trust frozen until the legal proceedings are determined and that Mr Tinkler and the Trustee of the Tinkler Family Trust be restrained from disposing of the frozen assets or otherwise dealing with those assets in a manner which would put the assets beyond the reach of the plaintiffs if a successful judgement is obtained," Blackwood said in a statement.

The trust, believed to be worth about $1.4 billion, holds just under 20% of the outstanding shares in Whitehaven, Tinkler testified in March.

Tinkler put his multi-billion dollar Queensland mansion up for sale this week and recently sold his Patinack Farm thoroughbred breeding and racing business.

A spokesman for Blackwood told ILN that the application was not a response to any actions by Tinkler, but simply the next step in the insolvency process.

topics

loader