EMBATTLED former billionaire Nathan Tinkler has signalled his intention to try and pull Patinack Farm Administration out of liquidation and pay all creditors within the next three weeks.
Mr Tinkler’s thoroughbred stud workforce, up to 240 people, were thrown a lifeline this afternoon and will keep their jobs, at least for now.
It is understood Mr Tinkler was given until today to find $240,000 to cover the wages of the employees after the company was placed in liquidation last week over an unpaid debt of $17,000 to WorkCover South Australia.
Adelaide-based liquidator Anthony Matthews issued a statement this afternoon saying Mr Tinkler and fellow director Hunter Sports Group chief executive officer Troy Palmer had ‘‘foreshadowed making an application to terminate the winding up of the company’’.
‘‘I advise that I have received confirmation from the directors of the company that they wish to preserve the employment of all staff and to provide funds to meet their ongoing wages and entitlements,’’ Mr Matthew said.
‘‘I have been further advised by the directors that it is their intention to discharge all debts owing to creditors.’’
It is understood the full amount owed by Patinack Farm Administration, which is the main employment arm of Mr Tinkler’s thoroughbred operation, is between $5 million and $6 million.
The Australian Taxation Office is owed about $4.4 million.
Patinack has about 70 staff in the Upper Hunter at farms in Sandy Hollow and Aberdeen.