Clive Palmer loses court bid to snatch Queensland Nickel millions

A judge has knocked back Clive Palmer’s attempt to grab assets from his liquidated Queensland Nickel company.

Clive Palmer leaves court in Brisbane earlier this month. Picture: AAP

Resources tycoon Clive Palmer has suffered a loss in the Queensland Supreme Court, with a judge knocking back his attempt to grab millions of dollars in assets from his liquidated Queensland Nickel company.

Judge John Bond yesterday refused permission to companies controlled by Mr Palmer to sue QN, stating that to do otherwise would be a “startling affront to justice”.

Mr Palmer’s Queensland Nickel was placed into voluntary administration in January after it collapsed under mounting debts and a falling nickel price.

FTI Consulting was appointed as administrator and the company continued to manage Mr Palmer’s Townsville nickel refinery, which is owned by two joint venture companies, QNI Metals and QNI Resources.

The former federal politician had a falling out with the administrators in March, dumped Queensland Nickel as manager of the refinery and demanded all its assets be handed over.

This would have left FTI Consulting to pay for the debts that it had incurred while running the nickel refinery for months.

When the firm refused, Mr Palmer took the matter to the Queensland Supreme Court and sued QN, and FTI’s adminis­trators, for a reported $1.2 billion.

This is one of at least seven cases before Justice Bond that relate to the eventual collapse of QN, which fell into liquidation owing $300 million in April.

Nearly 800 workers lost their jobs.

While Mr Palmer’s case against FTI’s John Park and his colleagues continues, Justice Bond rejected Mr Palmer’s attempt to sue Queensland Nickel, in a complex judgment that’s likely to prove important to the ongoing court battles.

“The court concluded that ­acceptance of such a case (as put by Mr Palmer’s QNI Metals and QNI Resources) would be a startling affront to justice,” Justice Bond said.