A REPORT detailing the finances of the employment arm of Nathan Tinkler's Patinack thoroughbred empire shows the company had only $100 in cash and no money in the bank.
Patinack Farm Administration, which employs 240 people and is one of a dozen entities forming part of the troubled stud, was placed in liquidation last month over a $16,978 debt to South Australia's WorkCover.
A financial report provided to the Australian Securities and Investment Commission by the Adelaide liquidator Anthony Matthews and Associates reveals the company owes $5.4 million and has about $4.063 million in assets.
The assets are made up of $100 cash and $4.063 million owed to Patinack by four debtors.
About $4.045 million is listed as being owed by Oceltip Investments trust. The other three debtors owe about $17,000.
Oceltip Investments is owned by Mr Tinkler's wife, Rebecca, and is at the centre of a legal dispute between Mr Tinkler and his former business partner and best friend Matthew Higgins.
The former Hunter Valley electricians made a fortune after gambling everything they had to buy a neglected coal tenement at Middlemount, in central Queensland, in 2006.
They are facing off in the Queensland Supreme Court with allegations Mr Tinkler filtered some of the royalty payments from the coalmining deal, of which he is owed 75 per cent, to Oceltip Investments without Mr Higgins's knowledge.
The Patinack Farm Administration liquidator's report of November 21 states the company owes more than $400,000 in unpaid superannuation contributions to 240 employees.
The bulk of Patinack Farm Administration's debt, $5.1 million, is owed to the Australian Taxation Office.