NATHAN Tinkler's former right-hand man Troy Palmer, who said last year his only assets were a second-hand BMW and about $2000 cash in the bank, has made a deal with his creditors to have his bankruptcy annulled.
The former Hunter Sports Group chief was officially declared bankrupt in July last year with debts of more than $21 million.
It is unclear how much he paid his creditors in annulling his 12-month bankruptcy. An offer of $120,000 to be paid by his wife, Emma, which equated to less than half a cent in the dollar, was rejected in March last year.
Mr Palmer declined to comment this week on the annulment.
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According to documents filed to the Australian Financial Security Authority (ASIC), Mr Palmer listed his assets in 2018 as the BMW worth $20,000 that he owed $10,763 on, as well as $2061 in two bank accounts.
The former Tinkler Group chief financial officer listed his occupation as "unemployed" and "accountant".
According to the statement of affairs document completed by Mr Palmer in February last year he did not own any property or shares. He lived in a Merewether house purchased by his wife in early 2015, just months after the split from Mr Tinkler, for $1.75 million.
Mr Palmer was pursued to bankruptcy by the ATO for director penalty notices from 2010 to 2014 and $20 million owed to Ocean Street Holdings, which was one of Mr Tinkler's companies that was placed in liquidation in 2015.
Director penalty notices are issued by the ATO to make company directors personally liable for outstanding employee superannuation and pay-as-you-go tax.
Mr Palmer is still banned from being a director of a business until February 2021, the result of a 45-month disqualification by ASIC for "multiple serious failings" in his duty as a director.
Meanwhile, media reports this week revealed Mr Tinkler had tapped retail king Gerry Harvey to bankroll his latest bid to return to the Australian resources sector.
Company documents filed with (ASIC) show Mr Tinkler's Singapore-based Bentley Resources has taken on about $15 million in debt from one of Mr Harvey's private companies to help fund the July acquisition of the Lady Annie mine in north Queensland.
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