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Federal Court declares Queensland Mining ex-managing director bankrupt

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Federal Court declares Queensland Mining ex-managing director bankrupt

Queensland MiningCorp. Ltd. said April 28 that the Federal Circuit Court of Australiahas ruled in favor of the company over the bankruptcy petition against former managingdirector Howard Renshaw.

The court heard the petition April 27 and ordered a sequestrationorder over Renshaw, declaring him bankrupt effective the same day.

The court also dismissed Renshaw's application to stay the effectof the bankruptcy for 21 days.

Earlier in April, the company won its Federal Court case against Renshaw over terminationpayments that were allegedly made without shareholder approval.