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Tinkler's Mulsanne Resources placed into liquidation

online business reporter Michael Janda

A court has ordered that one of Nathan Tinkler's companies, Mulsanne Resources, be wound up to pay creditors.

Blackwood Corporation has been chasing money from Mulsanne after it failed to comply with a share purchase agreement.

Mulsanne owed Blackwood more than $28 million after agreeing to take up a share placement in the company, but has failed to pay.

Blackwood says the New South Wales Supreme Court this morning made an order to appoint Ferrier Hodgson as liquidators of Mulsanne Resources in an attempt to get hold of the money.

The liquidators, Robyn Duggan and John Melluish, will take over the power of Mulsanne's directors, investigate the company's affairs, and seek to recover Mulsanne's property and assets to meet creditors' claims.

The liquidators are also required to provide reports to creditors and the corporate regulator.

Blackwood says it will continue to monitor the recoverability of money owed to it under the share purchase agreement.

Mulsanne Resources was also ordered by the court to pay Blackwood's costs in mounting the legal action.

Blackwood shares were down 25 per cent to 13.5 cents this morning.