Queensland Nickel administrators given more time to investigate firm

Friday, 12 Feb 2016 10:59:49 | George Roberts

Clive Palmer's Queensland Nickel in Townsville went into voluntary administration in January. (ABC: Damien Larkins)

A Brisbane court has granted administrators of Clive Palmer's troubled Queensland Nickel refinery more time to investigate the company's position, including hundreds of millions of dollars in claimed debts.

Lawyers for the administrators, FTI Consulting, were unopposed in their application to have more time to come to grips with the position of the federal MP's struggling company.

Queensland Nickel went into voluntary administration in January after laying off 237 workers in Townsville.

The Brisbane Supreme Court heard there were more than 800 creditors claiming $420 million in debts.

Justice John Byrne said $235 million of that was claimed by two other companies owned by Mr Palmer.

Whether to put the company into liquidation would usually be put to a vote by creditors within days, but Justice Byrne has granted an extension until April 15 so administrators can launch substantial investigations, including into claims the company was trading while insolvent.

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Queensland Nickel administrators given more time to investigate firm

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