DEVELOPER Mirvac will move to enforce court orders against two of Nathan Tinkler’s private companies, as the former billionaire’s financial affairs continue to unravel.
Last month, the New South Wales Supreme Court ordered the two Tinkler companies, Ocean Street Holdings and guarantor Buildev Group, to complete the purchase of an industrial site in Newcastle, agreed in July 2011.
The purchase price was $14 million and the site was to be used as part of Mr Tinkler’s proposed new coal terminal, which the NSW government rejected in January.
Ocean Street did not go ahead with the purchase and Mirvac sued in the Supreme Court, which ordered Ocean Street and Buildev to pay about $17 million by September 1.
On Monday, Mirvac said it had not received the money and intended to pursue its legal options. Proceedings were served on the companies this week.
A spokesman yesterday morning said Mirvac would return to court on Monday to seek a sequestration order, allowing the court to appoint a representative to Ocean Street and Buildev, to recover the funds. Mirvac will also claim Ocean Street was in contempt of the court, a civil offence.
Mr Tinkler is a director of both companies and would not comment yesterday. If it is proved that either company was trading while insolvent, he could be disqualified as a director.
Mr Tinkler’s wealth was estimated at $915 million by BRW in May, but has slumped partly due to the falling value of his stake in Whitehaven.
Last month Mr Tinkler failed to come up with $28.4 million owed to Blackwood Corporation, under a share placement agreed in July. Blackwood has also flagged possible legal action.
Mr Tinkler has relocated to Singapore with his corporate counsel, Aimee Hyde. Since August 24, Ms Hyde has quit as company secretary of 71 Tinkler entities, in many cases to be replaced by his right-hand man, Troy Palmer, chief executive of Hunter Sports Group, owner of the Newcastle Knights and the Jets A-League soccer team.
This story Administrator ready to work first appeared on Nanjing Night Net.