Insurance Commission enters Deed of Settlement for Bell litigation
21 December 2019
The State Government’s insurer, the Insurance Commission of Western Australia (Insurance Commission), has entered into a Deed of Settlement in an endeavour to resolve the long running Bell litigation.
The Insurance Commission, along with the Commonwealth’s Australian Taxation Office, and other major creditors of the Bell Group have entered into the Deed.
The Deed proposes a settlement which is conditional on approvals being sought from liquidators in various Australian and overseas courts. Settlement could be effected in 12 months once those approvals and other actions are completed.
At the completion of settlement, the liquidator will commence distributing $1.8 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”.
Media contact
Amber Blake
A/g Senior Communications Officer
+61 8 9264 3227
amber.blake@icwa.wa.gov.au