Mining magnate Nathan Tinkler and property giant Mirvac are one step closer to reaching a settlement over a failed multi-million-dollar industrial land deal in Newcastle.
Mirvac arm Domaine Steel and Mr Tinkler’s company Ocean Street Holdings were due to start a hearing over the failed agreement in the NSW Supreme Court on Tuesday morning.
But before the case could start, Mirvac’s counsel Ian Jackman SC told the court the parties were in advanced negotiations to reach a settlement and believed they could reach an agreement during the morning.
The parties returned a few hours later with consent orders but the matter cannot be finalised until a further hearing next week.
Domaine Steel successfully sued Ocean Street Holdings and another of Mr Tinkler’s companies and guarantor, Buildev Group, in the NSW Supreme Court after they failed to honour an agreement to buy industrial land for a new coal terminal in Newcastle.
Mr Tinkler was given a court-ordered September 1 deadline to pay Mirvac $17 million.
When the deadline was missed, Mirvac lodged a contempt of court order to sequester Mr Tinkler’s assets.
The hearing has been adjourned to the NSW Supreme Court before Justice Michael Slattery on October 30.
