court expects to move to liquidate tinkler tod

Nathan Tinkler company faces liquidation over debt

by: Anthony Klan From: The Australian November 20, 2012 12:00AM

THE NSW Supreme Court is expected to move to liquidate one of Nathan Tinkler's companies if he has not settled a long-overdue $30 million debt by 9am today.

By close of business last night Mr Tinkler's Mulsanne Resources had not yet repaid any of the debt to coal junior Blackwood and the parties had failed to reach any settlement.

A Supreme Court registrar last week gave the parties an ultimatum to reach an agreement by this morning, after they had repeatedly appeared before the court seeking time extensions because talks were "continuing".

A spokesman for Blackwood last night confirmed no settlement had been reached and the court proceedings would go ahead this morning, but declined to comment further.

Blackwood sued Mr Tinkler after he agreed to buy a 33.85 per cent stake in the listed company for $28.4m but failed to settle.

Blackwood has not pushed for Mulsanne to be wound up over the unpaid debt, in the hope Mr Tinkler will repay the money.

Mr Tinkler has a history of dragging creditors through the courts and repaying debts at the last minute.

The coal entrepreneur last month settled an 11th hour $17m debt with listed property group Mirvac, in a move which Blackwood saw as encouraging.

http://www.theaustralian.com.au/news/nation/nathan-tinkler-company-faces-liquidation-over-debt/story-e6frg6nf-1226519920355