Small Businesses Caught Up in Tinklers Troubles
August 21, 2012, 9:30 am
Dozens of small business are struggling to recoup debts owed to them by companies
associated with embattled millionaire Nathan Tinkler.
According to Fairfax Media reports, a string of unpaid debts and missed super
contributions have surfaced from the mining magnates extensive business network.
Unfortunately most of those debts are owed to Australian start-ups.
The man who BRW estimates is worth a whopping $915 million is estimated to owe
these businesses in excess of $1 million. As a result of the outstanding debts, Fairfax
reports that some business owners have been forced to re-mortgage their homes,
increase overdrafts or sell their cars.
The majority of the shonky practices relate to Tinklers horse stud, Patinack Farm, and
construction company, Bolkm. In the past ten months, seven businesses have taken legal action to recoup monies owed by these two businesses alone.
Small business creditors are flabbergasted that companies backed by one of the
nations richest men cannot afford to pay invoices for as little as $1200. Debts range
up to almost $100,000.
One of the business owners owed money by Tinkler, roofer Rob Atherton, said he is owed
$50,000 for work he did for Bolkm. Atherton hasnt paid himself for over a month to ensure his employees wages are up to date.
That's the kind of example Tinkler could learn
