Billionaire Clive Palmer has reached a settlement with the biggest creditor in a $200 million lawsuit over the collapse of his ill-fated Queensland Nickel venture.
In a breakthrough, during week three of a nine week trial, barrister Shane Doyle QC — acting for the government-funded liquidators — told the Supreme Court in Brisbane that a "resolution" had been reached on Aurizon's $90 million claim.
He also indicated talks were continuing between the mining magnate, his companies and liquidators — who have been trying to claw back money owed to creditors from the company's demise in early 2016.
"The position is [there's] continuing discussions with SPL [special purpose liquidators] and the defendants … the prospect of which is improving … of reducing the issues [in this case]," Mr Doyle said.
"We hope to advance that overnight.
"There's already been a resolution of the Aurizon debt."
Rail freight operator Aurizon is the largest creditor stemming from Queensland Nickel's collapse, which left more than 800 people out of work.
While the claim was for $90 million, it's not yet known what figure was reached in the settlement.
Mr Palmer was absent from Thursday's hearing.
The court previously heard the trial centred on allegations Mr Palmer acted as a shadow director of Queensland Nickel, and breached his duties to the troubled company by misusing its money — claims which he has denied.
Liquidators are also trying to recoup $66 million in unpaid entitlements to the sacked workers, who were covered under the Federal Government's Fair Entitlements Guarantee scheme.
The trial was adjourned until Friday morning.
