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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 year

16/10/2013

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appeal by the Supreme Court in August 2012 - this appeal was scheduled to be heard this month when it was adjourned and withdrawn from the list pending the outcome of settlement discussions - both sides in the dispute declined to discuss the settlement figure, pending various approvals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 months

30/09/2013

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 2012

17/12/2010

it is not anticipated that there will be a return to shareholders, however, certainty will only come with the end to the litigation

17/12/2010

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-2010

17/09/2009

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 distribution

26/05/2009

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 paid

01/05/2009

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 wrangling

23/03/2009

Justice Neville Owen of the Supreme Court of WA hands down judgement today in the Bell Group case

28/10/2008

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 so

17/03/2008

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 possible

28/11/2007

the liquidator informs us that the trial finished in September 2006 - the judgment is expected in the second quarter of 2007

16/12/2006

liquidator advises that the trial in the WA Supreme Court against a group of 20 banks is continuing

10/10/2005

liquidator confirms that the litigation is progressing and is expected to go into next year

24/01/2005

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 year

10/03/2004

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 time

22/07/2003

delisted because of liquidation

21/08/1991

name changed from Western Australian Worsted and Woollen Mills Limited

21/10/1976

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