THE 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.
In August the NSW 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 last year.
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, including interest, by September 1.
On Monday Mirvac said it had not received the money and it intended to pursue its legal options. Proceedings were served on the companies earlier 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 since slumped, partly due to the falling value of his 21 per cent stake in Whitehaven.
Whitehaven’s share price peaked at $5.58 in April but has fallen since, and closed up 6¢ at $3.11 yesterday.
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 indicated possible legal action.
Mr Tinkler has moved to Singapore. Since August 24, his corporate counsel, lawyer Aimee Hyde, has quit as company secretary of 71 Tinkler entities, in many cases to be replaced by his right-hand man, Troy Palmer.
Ms Hyde remains director and company secretary of another 32 Tinkler entities.
This story Administrator ready to work first appeared on Nanjing Night Net.