Insolvency guru Stephen Parbery to chase Clive Palmer’s assets

Clive Palmer says government is pursuing him over unpaid worker entitlements because it wants him out of parliament.

It’s a bit rich for Clive Palmer to be playing the victim, the Resources Minister says.

Clive Palmer says the federal government is pursuing him over unpaid worker entitlements because it wants him out of parliament.

The Turnbull government will unleash one of the nation’s top insolvency experts to chase federal MP Clive Palmer’s assets, as it activates the safety-net scheme for sacked workers’ entitlements.

In announcing the claw-back plan, employment minister Michaelia Cash said it had nothing to do with Mr Palmer’s position as an MP, and everything to do with his business conduct at Queensland Nickel.

However, Mr Palmer insists that is not true.

“It can only be for political purposes. Here we have the executive of the federal government ordering the investigation of a political opponent,” he told AAP.

“Look at the coverage of the Clive Palmer thing in Australia compared with all the other jobs lost (in the resources sector). There is an election coming up.”

Mr Palmer has says he has been denied the presumption of innocence following the release of FTi Consulting’s report, which said there was evidence to suggest Mr Palmer used Queensland Nickel as a “piggy bank” to fund his other businesses and interests.

“At no time did I, or any company associated with me, take money that was beneficially owned by Queensland Nickel - for any purpose,” Mr Palmer said.

“I haven’t been charged with anything, I haven’t been offered due process, or natural justice. These are dangerous things for any citizen and it’s dangerous for our country.”

‘All the fault of Palmer’

Resources Minister Josh Frydenberg said Queensland Nickel’s collapse was “all the fault of Clive Palmer” and promised the government would use “whatever means it possibly can” to pursue the self-described billionaire.

“We want to ensure that the workers have a future to go forward, they do get their entitlements paid for, and of course the government would be looking to recoup any of that money through whatever means it possibly can,” Mr Frydenberg told ABC radio today.

“It’s a bit rich for Clive Palmer to now be playing the victim given how many victims he has left behind.”

Employment Minister Michaelia Cash will today confirm that the nearly 800 employees will now be able to claim most of their $74 million in unpaid entitlements under the government’s Fair Entitlements Guarantee. Sacked workers have been demanding for months that the minister use her discretion and activate the FEG ahead of Queensland Nickel’s liquidation, to deliver some relief to those in dire financial straits.

Queensland Nickel is expected to collapse into liquidation next Friday after a vote of creditors, who are owed $300m by Mr Palmer’s company. He claims he has no responsibility to pay the debts, but Senator Cash said the government would apply to a court to ­appoint a special purpose liquidator to help recover taxpayers’ money. “We are doing this because of the unique and alarming circumstances in this case — where a current member of parliament and self-reported wealthy Australian businessman is directly involved,” she said.

“The government wants to send a clear message that in ­appropriate cases, (it) is prepared to step in to assist in ensuring that employee entitlements are recovered in full from any companies or individuals that have profited from the endeavours of hardworking Australians.”

The government has hand-picked Stephen Parbery, founding partner of PPB Advisory, who is considered in the sector as a ­“senior statesman of the insolvency industry”. His decades-long career has seen him involved in dealing with the aftermath of corporate collapses such as Ansett Airlines, HIH Insurance and ABC Learning childcare centres. He was special purpose liquidator in the FAI Limited case.

Administrators FTI Consulting are widely expected to be ­appointed liquidators after the creditors meeting in Townsville on Friday.

The government said Mr Parbery would work alongside FTI, but The Australian understands the move could see FTI take a back seat as Mr Parbery’s PPB runs potential litigation and asset recovery.

A report by FTI Consulting released this week identified Mr Palmer had acted as a “shadow director” of Queensland Nickel Pty Ltd, which may have traded while insolvent, and funnelled $224m from QN to the rest of his corporate empire. Most of the loans were then forgiven. Administrators identified a property portfolio of more than $40m personally owned by Mr Palmer that could be targeted in any recovery of assets.

Mr Palmer has denied any wrongdoing. He told The Aus­tralian he had received specific legal advice relating to accu­sations he was acting as a shadow director of QN. “I have, and I’m not a director,” he said.

“I’ve been doing tasks that employees were doing. I haven’t done anything wrong. We live in a country where there’s a law. ­Absolutely, I’m innocent.

“You’ve got to remember something else. The two joint venture companies (that own QN) 100 per cent owned by me, 100 per cent run by me. The question is: are you allowed to spend your own money how you want to? If you want to buy a pair of red ­underpants, can you?”

Additional reporting: Jared Owens, Sarah Elks

With AAP