Tuesday, 20 November 2012 14:42
Mining magnate Nathan Tinkler's Mulsanne Resources is to be wound up and liquidators appointed after it failed to pay a $28.4 million debt to coal explorer Blackwood Corporation.
Blackwood sued Mulsanne Resources after Mr Tinkler's company agreed to buy a 33.85 per cent stake in it for $28.4 million, but then failed to follow through with the deal.
NSW Supreme Court senior deputy registrar Nicholas Flaskas on Tuesday ordered Mulsanne Resources be wound up and Robyn Duggan and John Melluish from Ferrier Hodgson be appointed as liquidators in order for Blackwood to recover the debt.
Blackwood has previously said it was waiting for the money to fund drilling of its coal tenements in Queensland.
Its shareholders approved the share placement on July 12 and the payment was originally expected within a week.
A spokesman for Tinkler Group said the liquidation would not affect its other companies which include Hunter Ports, International Ports and Logistics, Hunter Sports Group and Patinack Farm.
It is the first time Mr Tinkler has failed to settle in a legal threat to wind up one of his companies.
In the past two months, he has settled a dispute with Mirvac over his failure to meet a deadline on a $17 million payment, and a separate dispute with mining services company Sedgman.
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