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Tinkler pays bill at 11th hour

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AAP

2012-11-22

Workers at one of troubled entrepreneur Nathan Tinkler's horse racing companies have saved their jobs - for now - after he struck an 11th-hour deal with liquidators to pay creditors.

Mr Tinkler's company Patinack Farm Administration - part of his horse racing empire - was placed into liquidation by the Federal Court on Wednesday.

The liquidators, Anthony Matthews and Associates, said on Thursday that the employees would "not have their employment terminated today".

The deal is believed to affect more than 200 workers.

"I have had discussions with Mr Troy Palmer, a director of the company, who advises me that it is management's intention to fund the liquidator to meet trading and other expenses to enable the company to continue to trade and pay all creditors of the company in full," the liquidators said.

WorkCover South Australia, the state's workplace authority, was owed $17,000 by Mr Tinkler.

The Tinkler Group has blamed the failure to pay the debt on an administrative error made by its accountants.

Mr Tinkler's business empire is under financial pressure, with another of his companies, mining entity Mulsanne Resources, wound up this week 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.

The BRW Magazine Rich List member's wealth is chiefly connected to his 19.4 stake in Whitehaven Coal, but it is believed to have been largely bought with debt.