Section 44 of the Australian Constitution

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.

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5 Responses to Section 44 of the Australian Constitution

  1. entropy

    I must say I am disappointed in Clive. Instead of wanking around with politicians, why didn’t he do something constructive, like buy out Karumba and turn it into a major resort and minerals and agriculture export port, complete with rail lines from mt Isa, Julia Creek and Georgetown.
    He could have renamed Karumba palmerville.

    And if he was really ambitious, he could build a rail/road across to Laura from the Gilbert river, and build an agricultural/gold mining empire in the Middle of the Mitchell river catchment.

  2. entropy

    Or the Palmer river even.

  3. lem

    It’ll take ages for bankruptcy to happen, he’s more likely to be booted out at the next election. It’s OK to dream though.

  4. Will Clive Palmer be the first Australian MP to be disqualified for bankruptcy?

    But for Dick Smith’s largesse, Bob Brown would have held that dubious honour. But I think Lem’s right; regardless of when he actually ran out or filed for bankruptcy, or whatever, he’s probably got enough money to last until the electorate can finish him off. I began to wonder whether perhaps he was jumping ship from business to politics to guarantee himself an income when the corporate ship sank, but he may end up losing the entire fleet plus the lifeboat too, so to speak.

  5. Nuffy

    Nope, he entire tactic for being elected was laid bare this week with him monumental spray against the Chinese.

    He thinks his political clout will help his battles with CITIC Pacific, thats all.

    If this issue was to miraculously be resolved now, he’d be gone in a heartbeat.

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