- Deed of Settlement seeks to bring closure to costly litigation
- The Bell Group case is one of Australia's longest running liquidations
- Settlement could be effected in 12 months
The State Government's insurer, the Insurance Commission of Western Australia, has entered into a Deed of Settlement as a result of lengthy and intensive endeavours to resolve the long-running Bell litigation.
The Deed documents a settlement which is conditional on approvals being obtained by liquidators in various Australian and overseas courts and on creditors' and court approvals for a number of schemes of arrangement for companies in the Bell Group.
Settlement could be effected in 12 months if those approvals are obtained and other actions are completed in the time contemplated in the Deed.
The Insurance Commission, along with the Commonwealth's Australian Taxation Office, and other major creditors of the Bell Group have entered into the Deed.
At the completion of settlement, the liquidator will commence distributing approximately $1.9 billion of funds between creditors.
Comments attributed to Treasurer Ben Wyatt:
"I commend the Insurance Commission for endeavouring to bring an end to this long-running legal dispute.
"The Bell litigation has long been a distraction, and consumed an inordinate amount of time and resources for all parties.
"I hope this represents the start of the end for Bell and the matter is resolved in the interest of WA taxpayers."
Treasurer's office - 6552 5900