Embattled mining magnate, Nathan Tinkler, is expected to launch an urgent court appeal to stave off bankruptcy.
The magnate is fighting a petition from US financier, GE Commercial, that he be declared bankrupt over a debt of $2.8 million Australian dollars.
Federal Court Judge Penny Gleeson today ordered that a sequestration order be made against Mr Tinkler.
However, she directed that her orders not be acted upon before 4pm today, because Mr Tinkler’s lawyers have indicated they plan to appeal.
Mr Tinkler’s lawyers say he should not be declared bankrupt because he is solvent and GE Commercial had not relied on the right exchange rate when converting the debt from US to Australian dollars, in June 2015.
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