Nathan Tinkler’s Aston Metals now placed in receivership
Wednesday, September 4, 2013/
Nathan Tinkler may have had a quiet few months, but his empire has continued to crumble with news breaking that another of his minerals companies, Aston Metals, has collapsed into receivership.
The collapse comes months after the last news from Tinkler, who started selling off his property empire back in May. He previously avoided legal action with the liquidators of his company Mulsanne Resources by making a $12 million payment by the end of June.
Aston Metals was placed in receivership yesterday, with FTI Consulting appointed.
In a statement, FTI said the receivers had been appointed by Madison Pacific Trust, the security trustee acting on behalf of note holders to Aston Metals.
“Receivers have been appointed as the notes are in default as the payment date has lapsed. Aston Metals and Mr Tinkler have received a number of notices over the previous 30 days requesting payment of the debt as per the rights of the secured creditor,” it said.
“This would not be a surprise for Aston Metals or Mr Tinkler.”
In a previous statement, FTI said John Park and Quentin Olde of FTI had been appointed, and noted the Walford Creek project was the main focus of the company. The company is in the process of reviewing the status of all projects owned by the company.
A spokesperson for Tinkler told SmartCompany in a statement Aston Metals was a “dormant, speculative investment”.
“Our main joint venture partner, Orchard Capital Partners in Hong Kong, is experiencing financial difficulties in one of its funds and, as a result, took the unexpected decision to place Aston Metals into receivership.
“We will work with the receivers and other Aston Metals shareholders for a speedy resolution to the situation.”
The company is mostly concerned with exploration activities in south-west Queensland, several projects including those located at Isa North and Constance Range. The Walford Creek project has been the site.
The receivership comes after a relatively quiet period for Tinkler, who relocated to Singapore in the past year. While there has been some talk of a comeback to the Australian market, Tinkler has not made any official moves.