- Legislation helps bring long-running Bell Group Companies liquidation to an end
Treasurer Mike Nahan has welcomed the passage of legislation through State Parliament to help finalise the long-running Bell Group Companies liquidation.
Dr Nahan said the Bell Group Companies (Finalisation of Matters and Distribution of Proceeds) Act 2015 aims to wind up companies that went into liquidation decades ago.
The Bell Group Companies collapsed in the early 1990s, leaving creditors to recover money from 20 Australian and international banks. After almost 20 years of litigation, principally financed by the Insurance Commission of Western Australia, settlement between the liquidators of Bell companies and banks was reached in June 2013 and finalised in June 2014 for a sum of $1.7 billion.
The legislation aims to avoid further protracted litigation between the remaining creditors of the Bell Group to carve up the $1.7 billion.
"The State Government welcomes the passage of legislation to stop the decades-long consumption of public resources through associated court actions, and to conclude these matters for the benefit of creditors," Dr Nahan said.
The Act transfers property of the Bell companies to an authority established under the Act. The authority will receive claims from creditors, assess claims and recommend how much should be paid to creditors.
"I look forward to the creditors receiving funds a lot earlier than would otherwise have been the case," the Treasurer said.
Dr Nahan said Michael Stiassny, currently a partner at KordaMentha in New Zealand, had been appointed as the Administrator of the WA Bell Companies to run the WA Bell Companies Administrator Authority.
"Mr Stiassny's strong background in dealing with companies in insolvency and his dual qualifications in accounting and law make him an eminently suitable choice for this position," he said.
Fact File
- The Bell Group Companies (Finalisation of Matters and Distribution of Proceeds) Act 2015 transfers the property of the WA Bell Companies to an authority that will assess creditor claims and recommend the distribution of funds to creditors
Minister's office - 6552 5700
Michael Stiassny's biography
Senior partner at KordaMentha in New Zealand, Michael Stiassny, has more than 30 years' professional experience in both New Zealand and the United Kingdom.
Mr Stiassny has extensive connections throughout the New Zealand business community and has worked with all major banks and financial institutions. As a result, he has been engaged on many high-profile and complex restructuring assignments.
Throughout his career, Mr Stiassny has provided advice to both public and private companies on a wide range of financial and operational matters, including due diligence, investigating accounting work, mergers and acquisitions, organisational and financial restructuring, and business valuation. He also has considerable experience in dispute resolution, acting as a
professional expert witness in many legal actions.
Mr Stiassny has a distinguished governance record in both private and public companies and is a leading proponent for improving diversity on New Zealand boards.
He is currently chairman of Vector Ltd, TOWER Ltd and Ngati Whatua Orakei Whai Rawa Ltd; and director of NZ Windfarms Ltd and DNZ Property Trust Ltd.
