Thursday 23 July 2015

GE moves to bankrupt Tinkler

Nathan Tinkler outside the NSW
Supreme Court
SiN Images
GE Commercial Australasia has moved to bankrupt former resource properties dealer Nathan Tinkler over $2.803 million in payments owing under a "US$ Aircraft Loan Facility Agreement" dated November 17, 2010.

A creditors petition obtained by Sydney Insolvency News outlines how Tinkler, 39, was served a bankruptcy notice issued by the Official Receiver on June 25. 

He failed to pay or otherwise comply with the requirements of the notice and on July 22 GE filed a creditors petition and affidavits in support of an application for a sequestration order. GE said it has no security over Tinkler's assets.

Tinkler has had a long battle with GE over a Dassault Falcon 900C executive jet and an Augusta A109S helicopter which were seized by receiver Nathan Landrey of FTI Consulting on behalf of GE in 2012. Landrey subsequently placed the aircraft for sale. Whatever he was able to recoup has left a substantial shortfall. GE's petition refers to Tinkler owning property in Newcastle.

The bankruptcy notice and creditors petition followed a judgement debt handed down in favour of GE in the Supreme Court of NSW on May 19 this year. The judgement sum was $2.252 million. It's assumed the additional $551,000 approximate is interest. The matter is due to return to the Federal Court on September 2, 2015.

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