Palmer avoids scrutiny of assets
A bid by the liquidators of Queensland Nickel to interview Clive Palmer about the spending and assets of his flagship company Mineralogy has been rejected.
The general-purpose liquidator lodged the application in the Federal Court after comments made by Mr Palmer in the media cast doubt on the assets held by Mineralogy and raised concern over the company’s ability to pay Queensland Nickel’s creditors in the event it is ordered to do so in the judgment of a Supreme Court matter set to go to trial in April.
The liquidators sought orders that Mineralogy produce banking records and its management accounts for the latter half of 2018. Mr Palmer would then have been questioned about the financial records in court in January.
Special-purpose liquidators, appointed by the federal government, have brought an action against Mr Palmer and 19 others in the Supreme Court to recover about $500 million. The Supreme Court has protected some of the funds sought by the liquidators with a freezing order.
Mr Palmer’s assets cannot diminish below $204m, while Mineralogy must not diminish below $14m.
Accounts lodged with the Australian Securities & Investments Commission show that Mineralogy posted a $354.7m profit last financial year.
Registrar Murray Belcher dismissed the application but said he might reconsider it at “another occasion”.