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NATHAN TINKLER’S troubled racehorse stud Patinack Farm has avoided liquidation, with proceedings initiated by the NSW Office of State Revenue finalised in Supreme Court proceedings on Tuesday.
The Chief Commissioner of State Revenue withdrew after Patinack settled its $259,866 claim. Neither the Australian Taxation Office nor WorkCover sought to step in as substitute creditors, indicating their own claims had also been settled. No costs were awarded.
Fairfax Media has previously reported Patinack was costing Mr Tinkler up to $500,000 a week. After Nechita won a group 1 race at Flemington on Derby Day, the stud’s head trainer, John Thompson, told Sky News the stable had experienced cash flow problems.
”I’ve gone weeks without vets, farriers, bedding and ran out of feed a number of times,” he said.
Fairfax Media has also previously reported that Mr Tinkler had tried to sell Patinack, and faced allegations of unpaid super by Patinack employees. It is believed likely that any settlement with the Tax Office, whose lawyers appeared in the wind-up proceedings in the NSW Supreme Court, would include any unpaid super liabilities.
Patinack, which raised about $4 million from a reduction sale of 300 horses at the Magic Millions auctions on the Gold Coast, is believed to have owed ”millions” to the Tax Office. Much less was owed in unpaid workers compensation insurance premiums, but this has now also been paid.
A solicitor for WorkCover, Raymond Roser of Woods and Day, confirmed the settlement: ”These wind-up proceedings against Patinack Farm died today … Anyone who wanted to join the proceedings or substitute into the proceedings, had their opportunity today.” Any creditor to Patinack that is still unpaid would need to instigate new wind-up proceedings against the company.
Mr Tinkler’s Tinkler Group Holdings has also settled a dispute with the Office of State Revenue, paying $82,493, but faces a possible continuation of the liquidation proceedings by the law firm Gilbert and Tobin (owed about $345,000) and Internet Fraud Watchdog (owed $145,000), who have until Monday to apply to become substitute creditors.
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