ICWA protects its interests as creditor and funder in Bell Group liquidations
Clients Insurance Commission of Western Australia
Jones Day is acting for the Insurance Commission of Western Australia ("ICWA"), a Western Australian government entity, in proceedings commenced in the Supreme Court of Western Australia concerning the distribution to creditors of over $1.8 billion in the liquidations of the Bell Group. The Bell Group collapsed in the early 1990s, and the insolvency of the Group is one of the largest and longest running in Australia involving a multitude of disputes on complex insolvency, directors' duties, and tax laws. ICWA is a bondholder of companies in the Bell Group, and was the main funder of actions brought by the liquidators against the companies' banks over a period of almost 20 years. Jones Day represents ICWA in its claim for a significant portion of the funds in liquidation.
In the matter of The Bell Group Limited (in liquidation) and Bell Group Finance Pty Ltd (in liquidation) (Supreme Court of Western Australia)