ASIC bans Nathan Tinkler from managing companies for 3 years and 9 months

The corporate regulator has banned Nathan Tinkler and two of his associates from managing companies for between three years and four years, citing "multiple serious failures" in their duty as directors of companies that include his thoroughbred racing empire and A-League football club, the Newcastle Jets. 

The ASIC statement said Tinkler - who is now bankrupt - and fellow directors Donna Dennis and Troy Palmer were banned as a result of information contained in reports provided by the liquidators of the failed companies associated with the former billionaire. 

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"The disqualifications imposed on these directors should highlight the consequences that can follow when companies are poorly managed," said ASIC commissioner John Price. "ASIC will seek to hold company directors accountable if they systemically fail to discharge their obligations when managing companies."

According to the corporate watchdog, the trio failed to "prevent the companies from trading while insolvent", didn't ensure the companies paid their taxes and "allowed one of the companies to deliberately operate at a loss". 

It didn't identify the latter company. Nathan Tinkler and Troy Palmer were each barred for three years and nine months, while Donna Dennis was disqualified for three years, the statement said.

Creditors are still owed around $544 million from the collapse of various companies associated with Tinkler. 

Tinkler's most recent court battle was to allow him to travel overseas for a job interview in New York and visit his family in Hawaii. He won, eventually.

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