Tinkler faces insolvent trading claims over stud debt
THE liquidator of Nathan Tinkler's private vehicle Patinack Farm Administration (PFA), until recently the main employer at his thoroughbred stud, is still considering an insolvent trading claim against the former billionaire and a fellow director, Troy Palmer.
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."