Wednesday, 05 December 2012 08:18
Coal baron Nathan Tinkler has lost access to his private jet and helicopter, with the company that holds them placed in receivership.
Receiver Nathan Landrey, of Taylor Woodings, confirmed on Tuesday that his firm had been appointed receivers and manager of TGHA Aviation on November 23.
He said that following a review of the business the receiver had taken possession of the jet and helicopter.
Mr Landrey said Mr Tinkler would not be able to use the aircraft without approval.
"At the moment we are in discussions with management of TGHA and the other main stakeholders to basically work towards an optimal outcome for all parties," Mr Landrey said.
He said he could not comment on the circumstances of the firm being appointed as receivers by creditor GE Commercial Australasia.
The executive jet, Dassault Falcon 900C, is in Singapore, while the helicopter Augusta A109S, is in Brisbane.
Mr Tinkler's business empire is under financial pressure, weighed down by excessive debt.
Another of his companies, Mulsanne Resources, was wound up late last month, with Ferrier Hodgson's Robyn Duggan and John Melluish appointed as liquidators.
Mr Tinkler could be liable for trading while insolvent in relation to Mulsanne.
The liquidators could also seek to recover $28.4 million from Mulsanne`s directors, with coal explorer Blackwood suing shelf the company after it agreed to buy a 33.85 per cent stake in the company but failed to provide the payment.
Another of Mr Tinkler's companies, Patinack Farm Administration - a key part of his $200 million horse racing empire - was placed into liquidation by the Federal Court last month.
Mr Tinkler is a BRW Magazine Rich List member and is wealth is chiefly connected to his 19.4 stake in Whitehaven Coal, but it is believed to have been largely bought with debt.
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