Patinack Farm Administration, an arm of Nathan Tinkler’s racing empire, has been placed into liquidation.
In the latest blow to the under pressure mining magnate, the Federal Court in Adelaide on Wednesday ordered that Patinack Farm Administration Pty Ltd be wound up in insolvency.
The decision followed legal action brought by creditor WorkCover South Australia claiming almost $17,000 in unpaid monies.
Wednesday’s ruling came just a day after another of Tinkler’s companies, Mulsanne Resources, was placed into liquidation following a NSW Supreme Court order over an unpaid $28.4 million debt to coal company Blackwood for a stake in the business.
Patinack Farm released a statement on its website in response to Wednesday’s ruling and ensuing media reports.
“There was an administrative error in the WorkCover matter by an associate company of Patinack Farm and the outstanding monies, as well as costs, have been paid,” the statement said.
“There will be no further comment.”
The placement of Patinack Farm Administration into liquidation is the most recent in a string of troubles for Tinkler’s embattled racing empire.
Last week, Patinack Farm announced the closure of its 50-box Melbourne stable, although it still has bases in Sydney and Brisbane.
It also confirmed chief executive Peter Beer had been released from his employment contract as part of the downsizing of its racing business.
The stable closure and the departure of Beer came shortly after it was revealed that Sydney and Melbourne race clubs had held back hundreds of thousands of dollars in prizemoney won by Patinack Farm horses to offset the operation’s racing debts.
The debts relate to unpaid stable and track fees as well as sponsorship arrears.
Last month, Tinkler offloaded more than 300 of his thoroughbreds at auction and will dispose of a further 40 mares at the upcoming Inglis Sydney Summer Thoroughbred sale.
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