Australia Markets close in 2 hrs 30 mins

Nathan Tinkler grounded as aircraft repossessed

Yahoo!7 Finance

The high-flying former billionaire has had his wings clipped, with receivers taking possession of his private jet and helicopter.

Tinkler looks to have left the global jet-setters club with his Dassault Falcon 900C impounded in Singapore and his Agusta A109S helicopter repossessed in Brisbane.

The aircraft were owned by Tinkler company TGHA Aviation before receivers stepped in to repossess two of the mining magnates prized possessions.

Mr Tinkler “loved the jet like a child” and “used the helicopter like a taxi” an insider told Fairfax’s BusinessDay.

Tinkler and the head of his Hunter Sports Group, Troy Palmer, were the directors of TGHA Aviation.

The Falcon 900C jet, valued at $40 million, is the same model used by Vladimir Putin and the government of Qatar.

Mr Tinkler’s financial troubles have been well chronicled in 2012, and speculation is mounting about the financial future of several of his other ventures.

Related: It’s curtains for Australia’s great resources boom

Tinkler is scrambling to save his horse racing empire from collapse after Patinack Farms was placed in administration in late November. Tinkler was reportedly seeking $6 million and a court order to terminate the wind-up proceedings on Patinack Farms.

Another Tinkler company, Mulsanne Resources is also in liquidation while two others, Tinkler Group Holdings and Queen St Capital, are also facing wind-up applications.

With Tinkler being chased for outstanding debts in the tens of millions of millions of dollars, he is reportedly at risk of losing control of his primary asset, a stake in Whitehaven Coal.

Whitehaven's Tinkler stake under threat 29/11/2012 - Fallen magnate Nathan Tinkler's 19.4 per cent stake in Whitehaven Coal Limited (ASX:WHC) is reportedly under threat of being lost to creditors.

Related: Tinkler's Patinack to pay staff