Aaron Bunch Journalist with Australian Associated Press | Collection of published work | + 61 484 008 119 | abunch@aap.com.au
Judge to decide on future of Palmer trial
The presiding judge at Clive Palmer’s court battle with the liquidators of Queensland Nickel is to rule on an application for a permanent stay on the trial.
August 23, 2019
Clive Palmer’s battle with the liquidators of Queensland Nickel could be at an end if a judge grants the billionaire businessman’s application for a permanent stay of proceedings.
Mr Palmer has already settled most of the multi-million dollar claims stemming from the Townsville refinery’s collapse in 2016.
However he continues to fight demands over the $102 million the liquidators say was loaned from QN to Mr Palmer’s flagship company, Mineralogy, but never repaid.
Lawyers for the former federal MP’s companies say the loans weren’t made using QN’s money and the claim is baseless.
They’ve moved to shut down the Brisbane Supreme Court trial, saying it’s largely devolved into a fee-chasing exercise for the liquidators’ corporate backers.
Lawyers for the liquidators have ridiculed this request, saying it’s normal practice to seek funding for legal action when a company has been stripped of its assets.
The court has heard financial backers often yield a 30 per cent return on their investment in similar cases.
Justice Debra Mullins has acknowledged the defence concerns, saying the suit may have an unusual outcome where the liquidators find themselves with excess money after QN’s unpaid creditors are settled.
Justice Mullins is expected to rule on the application on Friday.