The first creditors meeting for the company revealed Palmer Aviation owed $26 million.
The first creditors meeting for the company revealed Palmer Aviation owed $26 million. DAVE HUNTAAP

Clive Palmer's jet to be sold to recoup $26 million

CLIVE Palmer's aviation company has gone into liquidation with the company's only asset - a luxury corporate jet - to be sold off.

The first creditors meeting for the company revealed Palmer Aviation owed $26 million, mostly through a debt related to the company's corporate jet, which Mr Palmer had regularly used for political and business purposes.

The debt, revealed in the minutes of the first creditors' meeting, indicated the aviation company would not provide any source of funds to administrators in charge of Mr Palmer's failed nickel company.

At a second meeting on Tuesday, creditors resolved to place the company into liquidation, with FTI Consulting to act as liquidators.

A spokesman for FTI confirmed it would now prepare the company's only asset - a Bombardier Global Express aircraft - for sale,  with the process to commence in March.

Read more on the Brisbane Times.


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