Controversial businessman Nathan Tinkler has been declared insolvent due to his inability to pay back the funds that he received from the sale of his private jet. A report by the Sydney Morning Herald claims that Tinkler still has the option to appeal against it.
Tinkler has been through the bankruptcy grind since last year when GE Commercial began exerting pressure on him to repay US 2.3 million.
The company had seized his chopper in Brisbane and another flier in Singapore. Tinkler is known to be very fond of his jet, which he would use even for short travels.
Justice Gleeson had no qualms in stating Tinkler’s alleged insolvency, even though the official ruling is on hold since Tinkler’s lawyers reserve the right to appeal.
Tinkler has been through the weeds in a series of missteps, and the insolvency is only one end of the spectrum. An arrest warrant was also once issued against him for the manner in which he diluted the potency of his equine enterprise.
Tinkler has been planning to revitalize and regain his financial position through the coal sector, the avenue which made him a millionaire initially. He seeks to purchase a coal mine in NSW. His well-wishers and investors have also put together $20 million to support him in this quest. He purchased the Dartbrook Coal Mine in October 2015.
Tinkler, who at one time was listed by BRW as the youngest billionaire in Australia will see his fortunes plunge significantly if he is finally declared bankrupt. That would render him unable to hold any directorial positions, and his ambitions in the Australian pacific coal sector will remain unfulfilled.
If the ruling is made, Tinkler would be considered officially bankrupt from July 16, 2015- the day GE filed the case. Tinkler, however, believes he has found a loophole in the case, as there is some vagueness regarding the calculation of the amount that’s due.