ONE of Nathan Tinkler's companies will be liquidated following a...

ONE of Nathan Tinkler's companies will be liquidated following a New South Wales Supreme Court order today.

A NSW Supreme Court registrar ordered Mr Tinkler's Mulsanne Resources be wound up after it was sued by coal junior Blackwood over an unpaid $28.4 million debt.

Mulsanne Resources is a $1 company, and one of nearly 100 companies controlled by the coal entrepreneur, however it is the first time one of his companies has been liquidated amid reports of recent financial woes.

Lawyers for Blackwood are now expected to chase Mr Tinkler personally for the funds.

Mulsanne had moved on Blackwood in May, offering to take a share placement at 30c a share, a 50 per cent premium at the time, to emerge as a 33.85 per cent shareholder at a cost of $28.4 million.

Blackwood approved the payment, which was meant to fund a drilling program, and started legal proceedings against Mr Tinkler in August after he refused to pay up.

Today was the third time Mulsanne Resources, Mr Tinkler’s private investment vehicle, and Blackwood had appeared before the court, with time extensions sought by the parties on the two earlier occasions as settlement talks were 'continuing'.

The court registrar had given the parties an ultimatum to resolve the matter by this morning, saying it was unreasonable to repeatedly ask for time extensions.

Blackwood had been negotiating with Mr Tinkler in the hope he would settle the payment without the need for any further legal action. The listed coal company had been emboldened by the fact Mr Tinkler had recently settled a $17 million outstanding debt with developer Mirvac, despite repeatedly stalling on the payment amid numerous court appearances.

Mr Tinkler, who pulled an ambitious $5.3 billion bid for Whitehaven Coal because of financing issues in August, could face personal bankruptcy proceedings if he fails to make the payment to Blackwood. However it is thought most likely that Mr Tinkler would settle the debt before this occurred.

Mr Tinkler has a long history of stringing out debt repayments to the last minute through the courts but it has never before proceeded to the point where one of his companies has been liquidated as a result.