Brisbane Supreme Court Justice John Bond on Friday approved an application by Queensland Nickel liquidators to freeze almost $205 million of his personal wealth, as well as other unspecified amounts relating to his several companies. Justice Bond said it was a temporary direction until the court case was finalised.
It does not stop him from using his assets as part of the ordinary course of business.
But Palmer’s lawyers immediately requested a stay of the orders so they could appeal the decision.
They will argue their case on Friday afternoon.
Justice Bond said one of the reasons he granted the orders was because the federal government-appointed liquidators had a “good arguable case” against Palmer and his companies.
Justice Bond also said there was a real risk the mining magnate would “attempt to frustrate or inhibit the prospects of enforcement of execution of any significant judgment against him or any of his companies”.
Earlier this year Palmer claimed he was worth $4 billion.
Justice Bond said in his judgment that if Palmer had the wealth he claimed he did, the making of the orders was not likely to be “significant”. Queensland Nickel liquidators launched legal action against the former federal MP in a bid to claw back some of the money owed to creditors following the collapse of the refinery in 2016.