Clive Palmer paid one dollar for Queensland Nickel when he purchased it from BHP seven years before it collapsed with the loss of hundreds of jobs and owing millions, a court has heard.

The billionaire businessman is fighting a lawsuit in the Brisbane Supreme Court against liquidators following the cash-strapped Townsville refinery's demise.

Businessman Clive Palmer arrives to the Supreme Court in Brisbane on Thursday. Credit:AAP/Jono Searle

They're chasing him for about $200 million they say was owed to creditors when administrators shut down QN in early 2016.

On Friday, FTI Consulting administrator Kelly-Anne Trenfield revealed the mining magnate had paid just $1 for the Yabulu refinery when he purchased it 2009.