Administrators have found that more than half of Queensland Nickel's debts are to other companies owned by Clive Palmer.
Administrators have found that more than half of Queensland Nickel's debts are to other companies owned by Clive Palmer. Zach Hogg

Qld Nickel administrators given two month extension

MORE than half of Queensland Nickel's debts are owed to other companies Clive Palmer owns, a court has heard.

Administrators FTI Consulting were on Friday given a 60-day extension to hold a second creditors' meeting - telling Brisbane Supreme Court they had 11,000 boxes of financial records to go through and were having trouble accessing some financial records.

Queensland Nickel went into administration in January after sacking 237 workers in Townsville.

The first creditors' meeting was held on January 20 - nine days after the administrators were appointed.

A second meeting should be held 20 days from the administrator's appointment - but FTI Consulting said they needed about 60 extra days to investigate properly.

Justice John Byrne said administrator's documents said the company currently had about 800 creditors claiming more than $420 million in debts. The court heard Clive Palmer's Waratah Coal and China First companies had claimed $235 million of that debt.

FTI Consulting told the court they were investigating whether those claims were legitimate as well as donations to the Palmer United Party and whether the company had been operating while insolvent.

Lawyer Chris Curtis told the court the Australian Securities and Investments Commission had been made aware of the application and did not oppose it.

Similarly a body of creditors had been made aware of the proposal and had not objected to FTI Consulting being given more time.

Justice Byrne approved an extension of the creditors' meeting until April 15. - APN NEWSDESK


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