CREDITORS to former Hunter Sports Group chief executive Troy Palmer have declined to accept his offer of a “personal insolvency agreement”, insolvency trustee Chad Rapsey said on Friday.
The Newcastle Herald reported in February that Mr Palmer was offering $120,000 – to be paid by his wife, Emma – to settle debts of more than $27 million, an offer of less than half a cent in the dollar.
The debts relate to Mr Palmer’s time as director of various companies owned by fallen tycoon Nathan Tinkler.
Mr Rapsey, of Hunter Street, Newcastle, firm Rapsey Griffiths said Mr Palmer’s offer was put to a meeting of creditors at his office on Friday afternoon.
He said none of the creditors were present in person – the voting was all by proxy or telephone – and the offer was rejected.
Asked if this meant Mr Palmer was heading towards personal bankruptcy, Mr Rapsey said “not necessarily”.
He declined to speculate what would happen next and referred further questions to Mr Palmer, who declined to comment.
The Herald understands that discussions are continuing between Mr Palmer and his creditors over the potential for a revised offer.
As reported last month, Mr Palmer’s creditors include the Australian Taxation Office, which is seeking almost $1.8 million in director’s penalty notices. The largest single liability was $20 million owed to Ocean Street Holdings, a Tinkler company put into liquidation in 2015.
Newcastle legal firm Laycock Burke Castaldi is also claiming $15,000 in unpaid legal fees.