Hard on the heels of attempts to revive his coal industry credentials, controversial businessman Nathan Tinkler has been declared bankrupt over funds owed from the sale of his luxury private jet, although the ruling has been stayed pending a possible appeal.

Mr Tinkler has been fighting since mid-last year to stave off the bankruptcy claim from GE Commercial, which claimed he owed $US2.3 million on the jet.

Nathan Tinkler has been fighting since mid-last year to stave off the bankruptcy claim from GE Commercial. Credit:Getty Images

In November 2012, GE Australasia appointed Taylor Woodings as the receiver of TGHA Aviation. He subsequently impounded Mr Tinkler's Dassault Falcon 900C in Singapore and Agusta A109S helicopter in Brisbane.

A former Tinkler staffer was quoted at the time as saying his boss "loved the jet like a child" and "used the helicopter like a taxi".