NATHAN TINKLER NATHAN Tinkler has been given until November 11 to produce evidence to the Federal Court that he is able to pay off personal debts, including the millions owed over the forced sale of his private jet, or be declared bankrupt.
The court has been told Mr Tinkler claims to have access to a $15million line of credit.
But GE Commercial Australasia has expressed doubts that it will ever see any of the $US2.3million ($3.27million) that the NSW Supreme Court has ruled Mr Tinkler personally owes the company.
It applied in June for a sequestration order, after Mr Tinkler’s jet and a helicopter were seized by receivers on behalf of GE in 2012.
In affidavits, the besieged former billionaire told the Federal Court creditors for a string of Patinack Farm companies would be asked to accept part payment for debts owed to them, enabling him to use about $3million of the $15million to pay off personal debts.
That is believed to include money owed to businessman Gerry Harvey, as well the debts owed to GE and supporting creditors Pioneer Credit Acquisition Services and Mr Tinkler’s former lawyer, Damien Allen.
Barrister for GE, Amy Munro, said the court could have ‘‘no confidence that the $15million line of credit will be sufficient to pay Mr Tinkler’s debts’’.
Lawyers for Mr Tinkler sought an adjournment to allow an accountant to produce a report of Mr Tinkler’s finances and companies’ finances to show he was solvent.
District Registrar Michael Wall agreed to adjourn the bankruptcy proceedings only until to November 11, to await the outcome of the next Patinack creditors’ meeting.
But warned he would not grant another again without new evidence. He said the evidence filed so far ‘‘falls significantly short of showing that Mr Tinkler is solvent’’.