Tinkler faces insolvent trading claims over stud debt
An Adelaide liquidator, Anthony Matthews, was appointed to wind up PFA in November over a $16,978 debt owed to the WorkCover Corporation of South Australia.
In its response, the Tinkler Group claimed the non-payment was due to an administrative error. As well PFA had debts of $4.6 million owing to the Tax Office, together with ana amount of $417,244 in unpaid superannuation, and these remain unpaid, the minutes of a creditors' meeting on Friday, and filed with the corporate regulator, show.
On Friday, Mr Matthews told the Tax Office's representative that WorkCover SA had not filed a proof of debt, as PFA had paid it soon after his appointment, "believing it may bring the liquidation to an end".
Mr Palmer had advised Mr Matthews that it was "management's intention to come up with the funds to pay creditors in full". Mr Matthews had received an indemnity from Mr Tinkler for his liquidators' costs and had entered into a loan agreement with Hunter Sports Group, part of the Tinkler Group, to cover those costs.
Unable to stop the wind-up of PFA, the Tinkler Group has since established a new company, Thoroughbred Administration, to take over its functions, including the employment of more than 140 staff. PFA only employs six workers on 457 visas, which will be transferred to the new entity.
At the meeting, Mr Matthews told the Tax Office representative that he had notified insurers of the Patinack Farm group of a potential insolvent trading claim and said: "I have spoken with my solicitor about it and we do need to complete further work and investigations to formulate a claim."
Frequently Asked Questions about this Article…
An Adelaide liquidator, Anthony Matthews, was appointed in November to wind up Patinack Farm Administration after a $16,978 debt owed to the WorkCover Corporation of South Australia triggered the action. Minutes filed with the corporate regulator also show PFA had other outstanding liabilities, including larger tax and superannuation debts.
The liquidator has notified insurers of a potential insolvent trading claim that could involve former director Nathan Tinkler and fellow director Troy Palmer. Mr Matthews said he and his solicitor need to complete further work and investigations before any formal insolvent trading claim is formulated.
According to creditors' meeting minutes filed with the corporate regulator, PFA had about $4.6 million owing to the Tax Office and around $417,244 in unpaid superannuation.
The liquidator told the Tax Office's representative that WorkCover SA had not filed a proof of debt because PFA paid the $16,978 owed soon after the liquidator's appointment, apparently in the belief it might end the liquidation.
Unable to stop PFA being wound up, the Tinkler Group set up a new company, Thoroughbred Administration, to take over PFA's functions and employment. The Tinkler Group said the new entity will employ more than 140 staff, and PFA's six workers on 457 visas are to be transferred to the new company.
Yes. Mr Matthews received an indemnity from Nathan Tinkler for the liquidator's costs and entered into a loan agreement with Hunter Sports Group, which is part of the Tinkler Group, to cover those costs.
Notifying insurers is an early procedural step the liquidator has taken to protect potential recovery options while investigations continue. It does not mean a formal claim has been filed yet — the liquidator has said further investigations are needed before a claim is formulated.
Investors should monitor the liquidator's investigations and any formal filings or creditor updates lodged with the corporate regulator, including whether an insolvent trading claim is ultimately made and how outstanding debts (tax, superannuation and creditor claims) are resolved.
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