Mr Clive Palmer has today come to an agreement to settle claims against him and other defendants brought by the Special Purpose Liquidator of Queensland Nickel, Mr Stephen Parbery of KPMG.
Mr Parbery was appointed as Special Purpose Liquidator in 2016 at the instigation of the Commonwealth of Australia, who paid in excess of $66 million under the Fair Entitlements Guarantee (FEG) to meet the unpaid entitlements owed to Queensland Nickel employees following its collapse.
Funded by the Commonwealth of Australia, Mr Parbery’s role was to investigate events leading up to the liquidation of Queensland Nickel in January 2016, and to take any necessary recovery action for the benefit of the company’s creditors.
Mr Parbery said: “The complexities of the legal issues facing Mr Palmer and his co-defendants, and the resistance from these parties to the recovery actions, caused lengthy delays to the commencement of the trial.”
“With the full weight of the evidence being laid before the defendants ahead of the trial, settlement negotiations were initiated as the trial commenced.”
“This settlement is in the best interests of creditors and provides for the full repayment of the Commonwealth’s FEG debt, all other outstanding employee entitlements, and a full recovery for the majority of unsecured creditors.”
A small number of disputed creditor claims are still to be dealt with by the General Purpose Liquidators, who remain involved in litigation to recover claims against Mr Palmer’s company, Mineralogy.
Mr Parbery would like to thank Glenn Livingstone and the KPMG team for their contribution to this outcome, and acknowledges the work of his legal team, including David Cowling, Emma Costello and Natalie Tatasciore of King & Wood Mallesons, and barrister Shane Doyle, QC, for their diligent preparation for the 45-day trial and during the settlement negotiations.
Mr Parbery also wishes to acknowledge the support of the Commonwealth and its officers who funded his appointment as Special Purpose Liquidator through FEG, and that without this litigation funding, a recovery for the Commonwealth and other creditors would not have been secured.
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