BUSINESS FAILURES – QUEENSLAND

Foul-mouth Palmer says PM, banks out to get him

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Original article by Sarah Elks
The Australian – Page: 2 : 13-Sep-16

Prominent businessman and former MP Clive Palmer has told the Federal Court that he was a victim of a "political witch-hunt". Giving evidence on 12 September 2016 in the examination of the collapse of Queensland Nickel, he accused Prime Minister Malcolm Turnbull of persuading the big banks to refuse a loan of $A25 million, which he had sought for Queensland Nickel in September 2015.

CORPORATES
QUEENSLAND NICKEL PTY LTD, FEDERAL COURT OF AUSTRALIA, PPB HOLDINGS PTY LTD, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

Party’s all but over for Palmer

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Original article by Rosie Lewis, Sarah Elks
The Australian – Page: 6 : 24-May-16

Businessman and federal MP Clive Palmer has advised that he will not recontest the seat of Fairfax in the 2016 election. Palmer has also indicated that he will not seek a seat in the upper house. Zhenya Wang is currently the Palmer United Party’s only representative in the Senate. Palmer’s nephew, Martin Brewster, will be the party’s sole candidate for the lower house. He will contest the seat of Herbert, in which Palmer’s failed Queensland Nickel is based. The company was wound up in April.

CORPORATES
PALMER UNITED PARTY, QUEENSLAND NICKEL PTY LTD, LIBERAL PARTY OF AUSTRALIA, LIBERAL-NATIONAL PARTY OF QUEENSLAND, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION

Qld Nickel’s debts ‘probably won’t be paid’

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Original article by Mark Ludlow
The Australian Financial Review – Page: 9 : 21-Apr-16

The former MD of Queensland Nickel, Clive Mensink, was evasive when asked about the company’s debts but, under pressure from lawyers, he said they were unlikely to be paid. Mensink appeared in the Supreme Court in Brisbane on 20 April 2016 in a case involving an injunction to stop FTI Consulting, acting as voluntary administrator for Queensland Nickel, from pursuing two call notices against QNI Resources and QNI Metals totalling $A190m.

CORPORATES
QUEENSLAND NICKEL SALES PTY LTD, QUEENSLAND NICKEL PTY LTD, FTI CONSULTING PTY LTD, QNI RESOURCES PTY LTD, QNI METALS PTY LTD, SUPREME COURT OF QUEENSLAND

Palmer may be forced to end his lawfare

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Original article by Sarah Elks
The Australian – Page: 5 : 3-Feb-16

Lawyers representing the administrators of Queensland Nickel may order legal action against China-based CITIC to be discontinued, due to concerns about the likely cost of further litigation. The Clive Palmer-backed company launched a $A137.5m civil damages claim against CITIC in 2015, although most of the legal action by Palmer against the Chinese group is being undertaken via Mineralogy. Queensland Nickel’s administrators may also seek to settle litigation over an alleged breach of environmental laws in order to avoid further legal costs.

CORPORATES
QUEENSLAND NICKEL PTY LTD, CITIC LIMITED, MINERALOGY PTY LTD, FTI CONSULTING PTY LTD, SUPREME COURT OF WESTERN AUSTRALIA, SINO IRON PTY LTD, SUPREME COURT OF QUEENSLAND, QUEENSLAND. DEPT OF ENVIRONMENT AND RESOURCE MANAGEMENT, TOWNSVILLE MAGISTRATE’S COURT

Taxpayers may yet have to prop up Palmer firm

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Original article by Mark Ludlow
The Australian Financial Review – Page: 3 : 22-Jan-16

Queensland Nickel administrator FTI Consulting will consider a range of restructuring options for the failed company, which operates the Yabulu refinery. Any restructuring strategy is likely to take several months to develop, but FTI has approached the State Government regarding options such as tax relief or a loan guarantee. Queensland Nickel’s owner, businessman Clive Palmer has indicated that he will not comment further on the collapse before the creditors’ meeting on 29 January 2016.

CORPORATES
QUEENSLAND NICKEL PTY LTD, FTI CONSULTING PTY LTD, AURIZON HOLDINGS LIMITED – ASX AZJ, AUSTRALIAN TAXATION OFFICE, SUNCORP GROUP LIMITED – ASX SUN, BANK OF QUEENSLAND LIMITED – ASX BOQ, QUEENSLAND. DEPT OF STATE DEVELOPMENT, TRADE AND INNOVATION, QUEENSLAND. TREASURY, AUSTRALIAN LABOR PARTY, LIBERAL-NATIONAL PARTY OF QUEENSLAND, COOLUM RESORT PTY LTD, BHP BILLITON LIMITED – ASX BHP

AWU sools watchdog on to Palmer Nickel

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Original article by Sarah Elks, Jared Owens, Rosie Lewis
The Australian – Page: 6 : 20-Jan-16

The Australian Securities & Investments Commission has been asked to investigate Queensland Nickel for potential breaches of the Corporations Act. Australian Workers’ Union state secretary Ben Swan has raised concern about the company’s donations to the political party of Clive Palmer, who is Queensland Nickel’s only shareholder. Swan also says Palmer may have been a "shadow director", despite resigning as a Queensland Nickel director in early 2015.

CORPORATES
QUEENSLAND NICKEL PTY LTD, AUSTRALIAN WORKERS’ UNION-FEDERATION OF INDUSTRIAL, MANUFACTURING AND ENGINEERING EMPLOYEES, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AURIZON HOLDINGS LIMITED – ASX AZJ, QUEENSLAND. DEPT OF THE PREMIER AND CABINET, NATIONAL TEXTILES LIMITED, ONE.TEL LIMITED, UNIVERSITY OF SYDNEY, PALMER UNITED PARTY