Nathan Tinkler. A STRING of companies that formed part of Nathan Tinkler’s horse breeding and racing empire has been placed into voluntary administration, only a few weeks after a court was told a settlement was close to being struck with a creditor seeking to wind them up.
Deloitte Restructuring Services partners Neil Cussen and David Mansfield were appointed administrators on Sunday over Patinack Farm Pty Ltd, Monegeetta Holdings, and companies Patinack Farm Holdings No 2 through to Patinack Farm Holdings No 8.
Patinack Farm Pty Ltd is the trading entity of the group, while the others are said to hold related property interests.
US financier Jefferies Group has been pursuing most of the companies through the NSW Supreme Court since March, originally chasing about $41million.
Early this month, Mr Tinkler’s then lawyer, Damien Allen, told the court a final settlement had been reached, subject to the terms being put into writing.
Justice Paul Brereton adjourned the matter at that time to enable the deal to be finalised.
But on Monday, another adjournment had to be granted, after the court was informed administrators had been brought in over the weekend.
Mr Cussen said: ‘‘It’s very early days as far as our appointment and our investigations into the financial position of the group and the potential for restructure is concerned’’.
Another company, Patinack Farm Administration Pty Ltd, went into liquidation in 2012 with debts of more than $5million, leaving former staff among those out of pocket.
The Newcastle Herald has also reported an order was made in the Supreme Court of South Australia in July to prepare a warrant for Mr Tinkler’s arrest after he failed to appear to answer questions about the demise of the Patinack empire.
The order was set aside earlier this month after Mr Tinkler made a deal with the liquidator, offering up a property owned by his mother.