Accounting stuff-up triggers Tinkler firm wind-up
Financial trouble ... Nathan Tinkler. Photo: Darren Pateman
After dodging liquidation last week, Nathan Tinkler’s Patinack Farm Administration has been ordered to be wound-up after a Federal Court hearing in Adelaide.
A spokesman for Mr Tinkler said accountants within the group failed to make a $16,978 payment to South Australia’s Workcover due to an administrative error, and the debt was paid late this afternoon.
Another debt to Queensland Workcover was also paid yesterday, he said, and it was ‘‘a tiny fraction’’ of a $2 million figure reported elsewhere.
Legal sources told BusinessDay it could be ‘‘too late’’ to stave off a wind-up given Adelaide-based Anthony Matthews and Associates had control of Patinack Farm Administration, one of a dozen entities forming part of the troubled Patinack thoroughbred stud.
Lawyers told BusinessDay there was provision under the Corporations Law for the court to stay a wind-up, including at the request of the liquidator, although it was extremely rare.
The liquidators said they were in discussion with key management and the company's advisers over the future of Patinack Farm and its employees.
"The liquidator will release will release a further statement with regards to the future of the company within the next 48 hours," Anthony Matthews and Associates said in a statement this evening.
A spokesman for WorkCover SA confirmed the outstanding debt had been paid, although not yet legal costs of some $3648.
On Tuesday Mr Tinkler’s Mulsanne Resources went into liquidation owing $28.4 million to coal explorer Blackwood Corporation.
Mr Tinkler and his right-hand man, Troy Palmer, are directors of both Mulsanne and Patinack Farm Administration.
The directors of a company found to have engaged in insolvent trading can become personally liable for the company’s debts - potentially resulting in a ban from acting as a company director - and can face criminal charges and jail if they are found to have acted dishonestly.
Last week Patinack Farm avoided liquidation, settling a $259,866 claim brought by the NSW Office of State Revenue. It also settled a claim said to be worth “millions” by the tax office.
Mr Tinkler's main private company, Tinkler Group Holdings remains subject of wind-up proceedings over a $145,000 debt to security firm Internet Fraud Watchdog.