Palmer loses bid to keep assets private

Shae McDonald

Clive Palmer has two weeks to disclose his personal assets to Queensland Nickel's liquidators after he lost a bid to delay the court order.

It was the latest legal blow for the mining magnate, who must now hand over the value and location of his interests by July 11.

Barrister Kris Byrne told the Queensland Court of Appeal on Tuesday the disclosure of Mr Palmer's assets would "irretrievably" prejudice him.

"The information is of its nature, private information," he said, adding it could be used by liquidators in the future.

The order was part of a Supreme Court decision in May to freeze more than $500 million of Mr Palmer's personal and business assets until legal proceedings between him, his businesses and liquidators were finalised.

Mr Byrne argued his client should not have to hand over the commercial-in-confidence information unless he lost an appeal of that judgment later this year.

Mr Palmer instead proposed to disclose more than $2 billion of his assets and all of his debts.

Barrister Tom Sullivan QC, who is acting for Queensland Nickel's liquidators, said that was insufficient, particularly given the former federal MP's previous "egregious conduct".

But Mr Byrne said those references related to "conduct in a pre-freezing order world", and if Mr Palmer tried to offload any of the assets he had listed, it would be discovered.

Justice Robert Gotterson said he was not persuaded the mining magnate would be disadvantaged by disclosing his assets.

"The prejudice raised is more at a level of inconvenience," he said.

Justice Gotterson said Mr Palmer was only required to produce a list of his assets to the best of his ability and an independent valuer was not required.

But he agreed for the value of his cobalt mineral holdings to be left out, pending the outcome of the appeal.

Mr Palmer's flagship company Mineralogy, and his businesses QNI Resources and Palmer Leisure, are not yet required to disclose their assets after they were granted a temporary delay on Tuesday.