Former mining magnate Nathan Tinkler has been declared officially bankrupt, after he failed to appeal a court judgment over money owed from the sale of his private jet.
The failure to appeal means Mr Tinkler has been officially broke since February 9 and creditors who are still owed millions are unlikely to ever see their money again.
Mr Tinkler had been fighting the Federal Court petition from GE Commercial, asking he be declared bankrupt over money owed from the $2.8-million sale of his private jet.
Five years ago Mr Tinkler was Australia’s youngest billionaire at the age of 35, he squandered millions on punts in horse racing and buying up Newcastle’s major sports teams.
The bankruptcy means he’s also banned from being a company director in Australia.
