Administrator’s report has recommended Clive Palmer’s Queensland Nickel be liquidated

A NEW blow this morning for Queensland Nickel, with administrators saying the company should be liquidated.

WORKERS of Queensland Nickel have been dealt a devastating blow, with administrators saying the company should be liquidated and identifying potential breaches under the Corporations Act.

The actions of Clive Palmer and Clive Mensink could be firmly in the sights of the corporate watchdog as serious questions have been raised today in a long-awaited report by administrators.

In a further sign hundreds of workers will be left with little or none of their entitlements, administrators FTI consulting believe unsecured creditors - including workers - will receive between 52c in the dollar and nothing.

What they get will depend on the level of recoveries made by a liquidator.

“Any return to unsecured creditors is dependent on the level of recoveries made by a liquidator,’’ the report says today.

“Our investigations indicate certain persons appointed as a director, or who may have acted in the capacity of a director may have contravened (the Corporations Act) as well as their fiduciary and common law duties.’’

More to come