Bell Group Asset Recovery Litigation
Asset recovery litigation and appeals arising from the collapse of the Bell Group of companies against 20 global banks leading to the settlement of AU$1.7 billion in favour of liquidators, creditors and bondholders.
Representing Australian liquidator of Bell Group NV, a Netherlands Antilles incorporated company within the Bell Group (an offshoot of Bond Corporation), which collapsed with a deficit of more than AU$1 billion.
Lipman Karas led the appeal by Bell Group NV in the Western Australia Court of Appeal, increasing the compensation payable to the Bell Group from AU$1.7 billion to AU$2.8 billion.
Subsequent High Court of Australia proceedings were discontinued following a multi-party mediation to settle the claims against the banks. Litigation involving distributions entitlements of shareholders continues.