Tuesday, 11 September 2012
: Property giant Mirvac and Patinack Farm supremo Nathan Tinkler will return to the NSW Supreme Court on September 18 after a brief hearing on Monday deferred a contempt of court action against two of the young mining and racing magnate's private companies.
Mirvac is seeking to sequester Tinkler's assets after he failed to pay a multi-million-dollar debt arising from an agreement to buy industrial land for a new coal terminal in Newcastle.
Last month the NSW Supreme Court ordered the Tinkler companies Ocean Street Holdings and guarantor Buildev Group, to complete the purchase of the site that was agreed to in July of last year.
Ocean Street did not proceed with the purchase after the NSW Government rejected the plan in January.
Mirvac arm Domaine Steel successfully sued Ocean Street Holdings and Buildev Group in the NSW Supreme Court after they failed to honour the agreement.
Tinkler was given a court-ordered deadline to pay Mirvac $17 million by September 1.
After no payments were received by the deadline, Mirvac lodged a contempt of court order to sequester Tinkler's assets which includes his massive racing industry investments in horses and stud properties.
Tinkler is a director of Ocean Street and Buildev. If it is proved that either company was trading while insolvent he could be disqualified as a director.
At Monday's direction hearing Tinkler lawyers asked for more time to prepare evidence in relation to his finances, a move that surprised Mirvac.
"We are uncertain as to what their purpose is, and believe that it runs counter to assurances provided over many months that the Tinkler entities were more than capable of completing the contract," said a spokesman for Mirvac in a statement.
"There is no change to the intentions of Mirvac's Domaine Steel River to pursue its rights against Tinkler's Buildev Group to ensure that effect is given to earlier court orders and for the contract of sale to be completed."
Mirvac has told the ABC it is exercising its full legal rights in a bid to secure the money owed by Tinkler.
The action has led to media reports alleging more than 60 businesses are pursuing Tinkler entities, including his racing and breeding interests in NSW and Queensland, for owed money.
Last month Tinkler failed to come up with $28.4 million owed to Blackwood Corporation under a share placement agreed to in July. Blackwood has also flagged possible legal action.
Tinkler, who also owns the Newcastle Knights NRL team and Newcastle Jets A League soccer team, has moved to Singapore.
Late last month his corporate counsel, lawyer Aimee Hyde, quit as company secretary of 71 Tinkler entities.