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BELL GROUP LIMITED (THE) (BLL)

Delisted from ASX 21/08/1991

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the High Court finds the Western Australian government's Bell Act invalid and so back to square one in how to divide up the $1.7 billion settlement - while the state may be entitled to a big slice of it, surely the division of the spoils is a determination to be made by the liquidator 16/05/2016
the liquidator advises he cannot make any declaration as to the outcome of the liquidation for shareholders - he is hopeful of having sufficient certainty during the course of next financial year16/10/2013
the banks apparently won leave to appeal to the High Court regarding the dismissal of their appeal by the Supreme Court in August 2012 - this appeal was scheduled to be heard this month when it was adjourned and withdrawn from the list pending the outcome of settlement discussions - both sides in the dispute declined to discuss the settlement figure, pending various approvals that could take up to six months30/09/2013
the Supreme Court of Western Australia Court of Appeal dismisses an appeal brought by a syndicate of 20 banks (Banks), against The Bell Group Limited and others 17/08/2012
the WA Supreme Court of Appeal has now appointed 3 Judges to hear the Appeal - the court sat for the first time on 15/12/2010, and gave directions to the parties, thus the appeal is underway - the hearing of the Appeal has been set down to commence in mid April 2011 and is expected to go for 40 days - it is estimated that judgment in the Appeal will be delivered in 6-12 months ie first half of 201217/12/2010
it is not anticipated that there will be a return to shareholders, however, certainty will only come with the end to the litigation17/12/2010
reports that there are not enough judges in WA without a conflict of interest to hear the appeal - it is unlikely the case will go to appeal before mid-201017/09/2009
the banks have now formally appealed Justice Owen's decision and it is expected that the appeal will take between one to two years in the WA Court of Appeal - and then the banks will appeal to the High Court of Australia if they lose - after a final determination has been made by the courts there are likely to be distribution issues which require resolving, possibly through the court - litigation and related matters may therefore not be resolved for a further one to five years - it is considered unlikely that shareholders and bondholders will receive a distribution26/05/2009
reports that creditors of the group of 130 companies that were part of Alan Bond's former Bell Group are soon to receive their share of almost $1.6 billion - Justice Neville Owen has ordered a syndicate of 20 banks, including Westpac, National Australia Bank and the Commonwealth Bank, to pay creditors about $350 million, plus an estimated $1.2 billion in compound interest dating back to 1992. - some bondholders may also receive money, although it is yet to be determined which bondholders will benefit and how much they will be paid01/05/2009
reports that the parties in the long-running Bell Group legal saga have been urged by a judge to mediate over costs and avoid years of more legal wrangling23/03/2009
Justice Neville Owen of the Supreme Court of WA hands down judgement today in the Bell Group case28/10/2008
the twenty banks involved in the Bell Group litigation said they were pleased with some of the key findings in the judgment handed down today in the WA Supreme Court by Mr Justice Owen - a lawyer for the banks said "His Honour found both the plaintiff and defendant parties may be entitled to some relief. He could not comment in any detail on the judgment. It is very long and comprehensive - - it is 2,500 pages and will realistically take some weeks to fully consider it. The banks will fully consider their position in the next few weeks and prepare further submissions on costs and consequential orders"28/10/2008
speculation suggests the judgment will be delivered in the next month or so17/03/2008
the liquidator advises that no date has been given for the delivery of judgment - he is hopeful the judgment will be delivered as soon as possible28/11/2007
the liquidator informs us that the trial finished in September 2006 - the judgment is expected in the second quarter of 200716/12/2006
liquidator advises that the trial in the WA Supreme Court against a group of 20 banks is continuing10/10/2005
liquidator confirms that the litigation is progressing and is expected to go into next year24/01/2005
liquidator confirms the litigation (see note of 22/07/2003 below) is continuing and is expected to do so for the rest of this year and into next year10/03/2004
for almost six months we have carried (in good faith), on this site, an invalid liquidator's declaration for The Bell Group Limited - we have just been informed that the declaration is invalid as it had to be executed jointly by the two liquidators involved, not just by one of them - one of the liquidators has indicated he is not prepared as yet to make the declaration and we have therefore had to withdraw it - we apologise to Bell shareholders for any inconvenience caused them - the position therefore remains that shareholders are unable to crystallise their capital loss for tax purposes (and by implication at least one of the liquidators still holds out the possibility of some return to shareholders)05/02/2004
the liquidator of the Bell Group, Tony Woodings, today started an action in the WA Supreme Court against a group of 20 banks led by Westpac - the banks are being sued in relation to their conduct in taking mortgages over Bell Group assets in January 1990 - it is evidently alleged they knew or should have known that the company could not pay creditors who were owed more than $800 million at the time22/07/2003
delisted because of liquidation21/08/1991
name changed from Western Australian Worsted and Woollen Mills Limited21/10/1976

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