Receivers move to clip Tinkler's wings

Grounded ... Nathan Tinkler's Dessault Falconer 900C, which receivers have taken into their possession.
Grounded ... Nathan Tinkler's Dessault Falconer 900C, which receivers have taken into their possession.

THE high-flying former billionaire Nathan Tinkler has been grounded, with receivers taking possession of his private jet and helicopter.

As speculation continues to mount over Mr Tinkler's financial future, the Sydney receiver Taylor Woodings confirmed the troubled entrepreneur had left the private jet set, with his Dassault Falcon 900C impounded in Singapore and his Agusta A109S helicopter in Brisbane.

Mr Tinkler, who an insider said ''loved the jet like a child'' and ''used the helicopter like a taxi'', refused to comment on Tuesday.

Taylor Woodings was appointed by the creditor GE Commercial Australasia on November 23 as receivers of TGHA Aviation.

It is believed the jet and helicopter, valued at up to $40 million and $7 million respectively, were the only secured assets of the company that had no staff.

Earlier this year Mr Tinkler was reported to have been traversing the globe in his jet, which is fitted out with Italian leather seats, a bar and a conference room, in a frantic bid to secure finance to save his crumbling business empire.

He has been under severe financial pressure. He was recently reported to be at risk of losing control of his primary asset, a stake in Whitehaven Coal, if he failed to meet a ''liquidity event''.

The jet, registration VH-LUL, is French made, can seat up to 19 people and is the same model used by the Russian President, Vladimir Putin, and the government of Qatar.

The helicopter, with registration VH-TNX, seats up to seven people and is used by the Royal Oman Police.

Mr Tinkler and his right-hand man, the Hunter Sports Group chief executive, Troy Palmer, are the directors of TGHA Aviation.

A Taylor Woodings partner, Nathan Landrey, said the aircraft had not been valued.

''We are in the process of doing an initial review of the business and its assets,'' Mr Landrey said. ''We are in discussions with the company … the [aircraft] is secured and will remain in the possession of Taylor Woodings.''

Two of Mr Tinkler's companies, Patinack Farm Administration and Mulsanne Resources, are in liquidation. Two others, Tinkler Group Holdings Administration and Queen St Capital, also face wind-up applications.

The Deputy Commissioner of Taxation has been given until December 10 to replace the NSW Chief Commissioner of State Revenue as petitioning creditor against Tinkler Group Holdings.

Lawyers lodged an application in the Queensland Supreme Court last month to wind up Queen St Capital. The matter will return to court on December 12.

This story Receivers move to clip Tinkler's wings first appeared on The Sydney Morning Herald.