NATHAN Tinkler has resigned as the managing director and CEO of Australian Pacific Coal Limited after bankruptcy proceedings against him took a turn for the worse.
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Justice Jacqueline Gleeson of the Federal Court found finance group GE Commercial is entitled to make Mr Tinkler bankrupt over a nearly $2.8 million debt in relation to his corporate jet.
However, Her Honour has stayed the ruling for 21 days, allowing Mr Tinkler's lawyers to appeal the granting of a sequestration order against his estate.
Mr Tinkler has been fighting to stave off the bankruptcy claim from GE Commercial since last year, claiming it is defective.
On the same day the court decision was handed down shares in Australian Pacific Coal Limited (AQC) were placed in a trading halt pending an announcement.
That announcement came on Wednesday morning when Chairman, Peter Ziegler, informed shareholders the Federal Court judgement removed Nathan Tinkler's ability to perform his current role for Australian Pacific Coal Limited.
In Australia, if you become bankrupt, enter into a personal insolvency agreement or are convicted of a relevant offence at a time when you are a company director you automatically lose that office.
The statement to the ASX described the Federal Court judgment as a personal matter for Mr Tinkler "unrelated to the services he has diligently carried out since his appointment [as managing director] in October 2015."
It went on to say Nathan Tinkler will continue providing services to Australian Pacific Coal Limited "in a technical advisory capacity."
Shareholders were also told the Dartbrook Joint Venture is not affected by Mr Tinkler's resignation, with the Board claiming the largest investor, Trepang Services, had "confirmed ongoing support" for Australian Pacific Coal Limited.
Anglo American plc announced on Christmas Eve it had sold its mothballed Dartbrook Mine, north of Muswellbrook, to Australian Pacific Coal Limited.
