Nathan Tinklers company Australian Pacific Coal has taken a crucial blow, with Tinkler stepping down from the board over a new bankruptcy ruling.
Newcastle Herald reported that a Federal Court judgement found Tinkler bankrupt over the sale of a luxury jet.
Trading in Australian Pacific Coal shares was suspended on Tuesday following the ruling.
Tinkler has disputed the amount he owes to GE Commercial Australia, calculated to be equivalent to $2.8 million when the bankruptcy notice was issued last July, and claimed he has the capacity to pay.
In January Tinkler raised $20 million to finance the purchase of the Dartbrook Coal Mine from Anglo American, for the deal which was revealed on December 24.
A statement from Austra…
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