The Queensland Nickel liquidators appealed a decision of Supreme Court Justice Debra Mullins on June 3 last year,which dismissed their claim to retrieve the money from Mineralogy.
Their case was reviewed by Queensland’s Court of Appeal and appeal justices Hugh Fraser,Justice Philip Morrison and Justice Martin Burns ruled in favour of the liquidators on Friday.
The liquidators argued Justice Mullins wrongly ruled the money in the account was held on a bare trust and payment by Queensland Nickel to Mineralogy collapsed the trust.
They also argued Justice Mullins incorrectly identified who the parties were to the loan agreement.
The background was that before it went into liquidation,Queensland Nickel made payments totalling more than $102 million out of its bank account to,or for the benefit of,Mineralogy.
Those payments were recorded in an account described as the “Mineralogy Loan Account”.