kmav23
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Here another tinkler company not paying debts... and about to collapse...
http://www.theaustralian.com.au/bus...nkler-over-debts/story-fn9656lz-1226538657608
ANOTHER Nathan Tinkler-owned company is facing possible collapse, with a national property agency suing it for unpaid fees over a failed $40 million Brisbane office tower deal.
McGees Property has launched wind-up action in the Queensland Supreme Court against Mr Tinkler's Boardwalk Investments, which although only seven years old, is one of the beleaguered entrepreneur's oldest companies.
Mr Tinkler had contracted to buy the five-level river-front office building at 443 Queen Street around March but failed to settle the deal.
Early last month, the 5500sqm property was instead sold to the Brice family, co-founders of online accommodation provider Wotif, for slightly more than the amount Mr Tinkler had agreed to pay.
Mr Tinkler had engaged McGees to assist him in sourcing and purchasing the office tower, but failed to pay the company an agreed fee, prompting the wind-up application.
McGees director Justin Clarke confirmed the action yesterday.
"It relates to the purchase of 443 Queen Street, Brisbane, which Nathan was acquiring, but it is before the courts at the moment so we would prefer not to say anything more," he told The Australian.
The disputed amount was unclear but it is understood to be in the hundreds of thousands of dollars.
Mr Tinkler's spokesman, Tim Allerton, was not available for comment yesterday.
Three of Mr Tinkler's companies have been placed in receivership or liquidation in recent weeks as the coal entrepreneur battles mounting debts with little to no cash inflow.
The Australian Taxation Office has been one of Mr Tinkler's most active creditors.
Last week, the ATO applied to wind up his Hunter Sports Group and the two main sporting teams it owns, the Newcastle Knights NRL club and soccer's Newcastle Jets. According to documents filed in the Federal Court in Sydney, they collectively owe about $2.7m in unpaid taxes.
Mr Tinkler's TGHA Aviation -- which owned his $15m private jet and a corporate helicopter -- was placed in receivership with both those assets seized this month.
Despite facing claims from many creditors, Mr Tinkler had until last month regularly made payments at the 11th hour, staving off collapse. That changed last month when his company Mulsanne Resources failed to make a $28.4m payment to coal junior Blackwood, resulting in Mulsanne Resources being placed in liquidation.
Weeks later, Mr Tinkler's Patinack Farm Administration -- a linchpin company in his $200-million horse-racing empire -- was liquidated over hundreds of thousands of dollars in unpaid employee entitlements.
A further $5m to $6m was owed to other creditors, with $4.5m of that owed to the ATO.
http://www.theaustralian.com.au/bus...nkler-over-debts/story-fn9656lz-1226538657608
ANOTHER Nathan Tinkler-owned company is facing possible collapse, with a national property agency suing it for unpaid fees over a failed $40 million Brisbane office tower deal.
McGees Property has launched wind-up action in the Queensland Supreme Court against Mr Tinkler's Boardwalk Investments, which although only seven years old, is one of the beleaguered entrepreneur's oldest companies.
Mr Tinkler had contracted to buy the five-level river-front office building at 443 Queen Street around March but failed to settle the deal.
Early last month, the 5500sqm property was instead sold to the Brice family, co-founders of online accommodation provider Wotif, for slightly more than the amount Mr Tinkler had agreed to pay.
Mr Tinkler had engaged McGees to assist him in sourcing and purchasing the office tower, but failed to pay the company an agreed fee, prompting the wind-up application.
McGees director Justin Clarke confirmed the action yesterday.
"It relates to the purchase of 443 Queen Street, Brisbane, which Nathan was acquiring, but it is before the courts at the moment so we would prefer not to say anything more," he told The Australian.
The disputed amount was unclear but it is understood to be in the hundreds of thousands of dollars.
Mr Tinkler's spokesman, Tim Allerton, was not available for comment yesterday.
Three of Mr Tinkler's companies have been placed in receivership or liquidation in recent weeks as the coal entrepreneur battles mounting debts with little to no cash inflow.
The Australian Taxation Office has been one of Mr Tinkler's most active creditors.
Last week, the ATO applied to wind up his Hunter Sports Group and the two main sporting teams it owns, the Newcastle Knights NRL club and soccer's Newcastle Jets. According to documents filed in the Federal Court in Sydney, they collectively owe about $2.7m in unpaid taxes.
Mr Tinkler's TGHA Aviation -- which owned his $15m private jet and a corporate helicopter -- was placed in receivership with both those assets seized this month.
Despite facing claims from many creditors, Mr Tinkler had until last month regularly made payments at the 11th hour, staving off collapse. That changed last month when his company Mulsanne Resources failed to make a $28.4m payment to coal junior Blackwood, resulting in Mulsanne Resources being placed in liquidation.
Weeks later, Mr Tinkler's Patinack Farm Administration -- a linchpin company in his $200-million horse-racing empire -- was liquidated over hundreds of thousands of dollars in unpaid employee entitlements.
A further $5m to $6m was owed to other creditors, with $4.5m of that owed to the ATO.
