Nathan Tinkler quits Australian Pacific Coal roles following bankruptcy ruling

Defiant: Nathan Tinkler has argued the bankruptcy notice against him is defective due to the use of the "telegraphic rate of exchange" in the notice. He said he would appeal judgment on Tuesday afternoon.  Picture: Nic Walker

Defiant: Nathan Tinkler has argued the bankruptcy notice against him is defective due to the use of the "telegraphic rate of exchange" in the notice. He said he would appeal judgment on Tuesday afternoon. Picture: Nic Walker

Australian Pacific Coal told the ASX on Wednesday morning that Mr Tinkler had resigned as managing director and chief executive.

In its statement the company said it wanted to note Mr Tinkler’s contribution had been “significant” and he would stay on in a technical advisory capacity.

“This Federal Court judgement is a personal matter for Mr Tinkler,” the company’s statement said. 

“While this judgment removes Mr Tinkler's ability to perform his current role for Australian Pacific Coal Limited, this judgment is unrelated to the services that he has diligently carried out for the Company since his appointment in October 2015.”

Australian Pacific Coal also confirmed Trepang Services’ John Robinson and Nick Paspaley stood behind the company. 

“The company’s agreement to acquire an 83.33% interest in the Dartbrook Joint Venture is not affected by Mr Tinkler’s resignation,” the statement said.

Tinkler to appeal bankruptcy judgement

Former rich lister Nathan Tinkler has stood down from the board of his sharemarket-listed coal company after the Federal Court declared him bankrupt.

Mr Tinkler said late on Tuesday he would appeal Justice Jacqueline Gleeson's judgment, which stems from a dispute over money owed from the sale of a luxury jet.

Trading in shares of Australian Pacific Coal, the corporate entity Mr Tinkler is using for his return to the coal industry, were suspended on Tuesday following the bankruptcy judgment.

Mr Tinkler owes GE Commercial Australasia $US2.25 million ($3.2 million), which was calculated as the equivalent of $2.8 million, including accrued interest of $19,451.23, when the bankruptcy notice was issued against Mr Tinkler in July last year.

Mr Tinkler has argued the bankruptcy notice was defective due primarily to the use of the "telegraphic rate of exchange" in the notice.

"I am in a position to pay," Mr Tinkler said Tuesday of the debt owed to GE Commercial.

"I dispute the amount."

Tuesday's judgment comes at a delicate time for Mr Tinkler, as it follows by a matter of a little over a week the raising of $20 million to part-fund the purchase of a coal mine as he seeks to resurrect his business interests.

Late in January, Australia Pacific Coal, of which Mr Tinkler is the chief executive, raised $20 million to finance the initial payment due for the $50 million acquisition of the Dartbrook coal mine from Anglo American.

Mr Tinkler's plans for the Dartbrook mine near Aberdeen, which has been mothballed for some time, have upset the equine industry as it lies only a matter of kilometres from some stud farms such as John Messara's Arrowfield stud, triggering concerns over coal dust as well as the impact of blasting at the mine.

In November 2012, GE Australasia appointed Taylor Woodings as the receiver of TGHA Aviation. He subsequently impounded Mr Tinkler's Dassault Falcon 900C in Singapore and Agusta A109S helicopter in Brisbane.

A former Tinkler staffer was quoted at the time as saying his boss "loved the jet like a child" and "used the helicopter like a taxi".

The bankruptcy ruling is the latest in a litany of legal actions involving Mr Tinkler, which at one point included having an arrest warrant issued over the liquidation of his Patinack Farm equine venture.

If the bankruptcy ruling stands, it may prevent Mr Tinkler from being a company director since bankrupts are not allowed to be company directors.

Under the judgment, the bankruptcy would take effect from July 16, 2015.

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