Reuters: Bankruptcy News: Australian tycoon Tinkler faces legal action for insolvent trading

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Australian tycoon Tinkler faces legal action for insolvent trading May 2nd 2013, 07:24 MELBOURNE | Thu May 2, 2013 3:24am EDT MELBOURNE May 2 (Reuters) - Liquidators of one of Australian coal magnate Nathan Tinkler's private companies have launched a legal action against the struggling tycoon and fellow directors for insolvent trading, one of his creditors, Blackwood Corp Ltd, said on Thursday. "If the court finds the directors and officers liable for insolvent trading, it may make compensation orders against them personally for which they will be jointly and severally liable," Blackwood said in a statement emailed to Reuters. A spokesman for Tinkler did not immediately respond to requests for comment. Insolvent trading is when a company carries on with its business despite it not having the funds to meet all of its obligations. (Reporting by Sonali Paul; Editing by Matt Driskill)

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