Any person who:
(iii) is an undischarged bankrupt or insolvent; or
shall be incapable of being chosen or of sitting as a senator or a member of the House of Representatives.
Will Clive Palmer be the first Australian MP to be disqualified for bankruptcy?
While I’m not yet predicting Palmer’s bankruptcy, there are some worrying signs in his Empire. For example, the Palmer Coolum Resort looks perilously close to collapse and there are worrying signs elsewhere.
On the other side, Palmer’s Mineralogy has won a significant battle in the Supreme Court against the Chinese company CITIC Pacific. But a Court win can be just one step closer to a loss.
Yes, Palmer seems to have a lot of wealth, but such individuals tend to burn through cash at a faster rate than other citizens. As Mr Micawber in Dicken’s David Copperfield said
Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.