A Federal Court Judge has ruled on Tuesday morningthat GE Commercial is entitled to make fallen mining magnate Nathan Tinkler bankrupt.
Since 17 June of last year, Mr Tinkler has been fighting off a bankruptcy notice issued by GE Commercial, to whom the former billionaire owes more than $2.8 million on a Dassault Falcon jet. Mr Tinkler put the jet up for sale in 2013 after he ran into financial trouble.
Although in court Mr Tinkler’s lawyers argued that he was solvent and the bankruptcy notice issued by GE Commercial was defective, Federal Court Judge Justice Jacqueline Gleeson ruled in GE Commercial’s favour.
Justice Gleeson granted GE Commercial permission to force Mr Tinklerinto bankruptcy due to the lack of evidence to support Mr Tinkler’s legal team’s case.
Mr Tinkler’s lawyers have indicated they will seek an appeal.
Although bankruptcy is sometimes Court-ordered and forced upon individuals by their creditors, it is also commonly filed on a voluntary basis.
Bankruptcy is an appropriate debt solution for people who can no longer afford to repay their debts. Voluntary bankruptcy can offer individuals struggling with debt a fresh financial start in life. It is a suitable option for those with few or no assets to protect.
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