Employees of Nathan Tinkler’s racing business will keep their jobs, at least for now, after management came to an arrangement with the liquidators of Patinack Farm Administration.
There was speculation more than 200 jobs could have been in jeopardy following Wednesday’s Federal Court ruling in Adelaide that ordered the liquidation of the company.
Patinack Farm Administration, an arm of Tinkler’s racing empire, was the subject of legal action brought by creditor WorkCover South Australia claiming almost $17,000 in unpaid monies.
Anthony Matthews & Associates, the company charged with the liquidation process, issued a statement on Thursday confirming there would be no immediate job losses.
“I advise that following discussions with the management of the company that employees will not have their employment terminated today,” Matthews said in the statement.
“I have had discussions with Mr Troy Palmer, a director of the company, who advises me that it is management’s intention to fund the Liquidator to meet trading and other expenses to enable the company to continue to trade and pay all creditors of the company in full.”
Head trainer John Thompson was at Randwick trackwork in the early hours of Thursday morning and it was business as usual for the Patinack team.
Patinack Farm has one runner engaged for Rosehill on Saturday and two at Eagle Farm in Brisbane where they also have a training base.
Only last week Patinack Farm announced the closure of its 50-box Melbourne stable and it won’t be represented at Moonee Valley this weekend.
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 sold more than 300 of his thoroughbreds at auction with a further 40 mares scheduled to go under the hammer.
Wednesday’s Federal Court ruling against Patinack Farm Administration came just a day after another of Tinkler’s companies, Mulsanne Resources, was placed into liquidation.
The action followed a NSW Supreme Court order over an unpaid $28.4 million debt to coal company Blackwood for a stake in the business.