Nathan Tinkler Offers to Pay $700,000 of His $553M Debt to Get Away Bankruptcy

by San Antonio Attorney

Christmas is going to arrive earlier for former mining magnate and businessman Nathan Tinkler if his proposal to pay $700,000 of his $553 million debt gains support from creditors.

Tinkler owes $106,015,709 to a tax office, but which has to decide whether to accept $127,218 as debt settlement.

Despite his biggest failure in the business history of Australia, the man known as Boganaire has came back to the mining fold with a proposal to reopen the coal mine in Dartbrook.

However, the plunge into bankruptcy drove him off the board of the business entity that is acquiring the mine, Australian Pacific Coal.  Moreover, he may deal with an undesirable public scrutiny of his financial situation if the bankruptcy proceeds.

On Dec.  13, John Melluish, his bankruptcy trustee, says Tinkler would raise $1 million if his creditors agree to the proposition at next meeting.

Melluish states expenditures, which includes his payment, amounting to $311,567.  The report showed 14 creditors he owe $553,798,022 even though Melluish has not yet verified any proof of debt.

The largest creditor is AET Limited/Credit Suisse AG, which claims that Tinkler owes $424,368,499.

The tax office is the second largest creditor.

The second largest creditor is his ex-wife, Rebecca Tinkler, who claims he owes $11,012,527 in divorce settlement payment and child support.

Melluish thinks that Tinkler has failed to provide adequate financial statements in relation to his expenditures, as stated in his bankruptcy report.

Other proof associated to the transfer of assets was also not acceptable.

Melluish intends to clarify Tinklers finances from an official assessment, but could not confirm the amount of money he would probably be able to claw back.

Tinkle has to get the support of a majority of his creditors, and by seventy-five percent of his debts.

Leave a Comment

Previous post:

Next post: