Australia’s youngest billionaire coal-baron Nathan Tinkler has been declared bankrupt as he failed to appeal against a Federal Court order issued in favor of GE Commercial 21 days ago. Nathan rose to the league of the richest in Australia and fell to bankruptcy in just 5 years. He started as an electrician in a mining company but soon became the owner of 1.13 billion Australian dollars in 2011.
As a billionaire, Nathan bought National Rugby league team Newcastle Knights and A-League football team Newcastle Jets. He also bought a thoroughbred stud as he shifted base to Singapore. But the fall of coal prices put pressure on his financials and he was forced to sell off Newcastle Knights and the stud in 2014. Last year he had to let go of the Newcastle Jets.The court verdict came in a case lodged by GE Commercial over a 2.25 million USD fees for use of a private jet.
The court ordered sequestration on 9th February against Tinkler. As he did not appeal within 21 days, he was declared bankrupt and John Melluish was assigned as the trustee. Melluish said in an interview that Tinkler has disclosed “negligible” cash in bank and a single property. He commented that, “It means that our investigations will start potentially into assets that he might have owned once that he might have disposed of or assets that he’s given away over a period of time. I hope to meet with Mr Tinkler next week some time.”
Nathan Tnkler told Sydney Morning Herald, “I would like to apologise to the creditors and my family. I might become an activist and have the full support of the government and the media and have no responsibility. “I can hear the champagne corks popping in the background.”