Clive Palmer settles with largest creditor in Qld Nickel case

Clive Palmer settles with largest creditor in Qld Nickel case

Clive Palmer has reached a settlement with the largest creditor of his failed Queensland Nickel company.

Barrister Shane Doyle QC, who acts for the liquidators of the company, told the Queensland Supreme Court that a “resolution” had been reached on the $90 million claim of Aurizon Holdings Ltd. The details of the settlement have not been made public.

According to Mr Doyle, talks are also continuing between the liquidators and the billionaire mining magnate to recover money owed to creditors from the company’s collapse in early 2016.

Mr Palmer is alleged to have acted as a shadow director — a person who acts as a director even though not formally appointed such — of Queensland Nickel, and breached his director’s duties by misusing its money to fund the election campaign of his United Australia Party.

More than 800 people were left out of work following the demise of Queensland Nickel, and liquidators are also trying to recover the $66 million in unpaid entitlements for those employees.

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