The injunction covers nearly $205m in personal assets over the collapse of Queensland Nickel
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The Queensland Supreme Court today granted the bid to freeze Clive Palmer’s personal assets over the 2016 collapse of Queensland Nickel.
Brisbane Supreme Court Justice John Bond approved the application by Federal government-appointed liquidator PPB Advisory to freeze nearly $205m of personal assets of the former federal MP.
The injunction also covers other amounts held by his companies. Palmer had contended that the companies needed access to the funds to be profitable.
Palmer’s lawyers requested a stay on proceedings after the application was granted by the Brisbane court.
PPB Advisory is trying to recover $70m of taxpayer money paid to hundreds of workers who lost their jobs when Queensland Nickel crumbled in 2016 under the weight of $300m of debt.
The freeze is subject to exceptions, “including that it does not prohibit dealing with or disposing of assets in the ordinary and proper course of business, including by paying business expenses bona fide and properly incurred.”