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He's back -

Receivers appointed to Nathan Tinkler's Patinack Farm company



RECEIVERS have been appointed to another of Nathan Tinkler's companies as the coal entrepreneur's empire continues to crumble.

Mr Tinkler’s Patinack Farm Administration – a company associated with the racehorse empire for which he vastly overpaid – will be wound up after a ruling by the Federal Court in Adelaide.

The court ordered the appointment of Adelaide-based insolvency practitioners Anthony Matthews & Associates to wind up the company, following legal action by creditor Workcover Corporation of South Australia mid-last month. The New South Wales Office of State Revenue had also been chasing the company over unpaid debts.

A spokesman for Anthony Matthews & Associates confirmed it had been appointed to the company but declined to comment further.

Tim Allerton, a spokesman for Mr Tinkler, did not immediately return calls.

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The collapse of Patinack Farm Administration follows Mr Tinkler’s Mulsanne Resource being placed in liquidation yesterday following an order by the NSW Supreme Court. Mulsanne Resources had failed to make a $28.4 million payment to listed coal company Blackwood for a one-third stake in the junior.

Mr Tinkler has a long history of dragging creditors through the courts, however until now he has managed to stave off receivers and liquidators by making payments, often at the last minute.

It was considered possible that Mr Tinkler would make the $28.4m payment to Blackwood this week because he had recently made a $17m payment to listed developer Mirvac under similar circumstances.

Yesterday Mr Allerton attempted to distance the collapse of Mulsanne Resources, a $1 company that Mr Tinkler appeared to have set up only in order to purchase the Blackwood stake, from the coal magnate’s other interests, claiming they were not affected.

There has been speculation, however, that the magnate is suffering from cash flow problems, with the rumours exacerbated by his recent sale of about 300 horses from his Patinack Farm racing empire, which has about 1000 racehorses and many more broodmares. Industry figures said Mr Tinkler compiled the thoroughbred stud rapidly, often overpaying for horses.

There have also been reports that Mr Tinkler had been late with payments to his stable staff as well as players on his Newcastle Knights rugby league team, and that his horseracing prize money had been held back by race clubs so that it could be distributed to his creditors.

Mr Tinkler’s main asset – a 19.4 per cent stake in Whitehaven Coal, acquired when he sold his own coal companies Boardwalk and Aston to Whitehaven – has nearly halved in value this year as the coal price plunged. His $5.3 billion bid to take over the company collapsed in August after he failed to secure financing.