International Law

Bell Group v Westpac orders

In The Bell Group Ltd (in liq) v Westpac Banking Corporation [No 9] [2008] WASC 239 (discussed here) the Western Australian Supreme Court decided that the banks were successful in their defences against claims of fraud and knowingly assisting a breach of directors' duties but that the banks had received trust property knowing that it arose from a breach of the directors' fiduciary duties.

Now, in The Bell Group Ltd (in liq) -v- Westpac Banking Corporation [no 10] [2009] WASC 107 the Court has ordered that the defendant banks pay various amounts and interest Totalling over $1.5 billion back to Bell Group companies while at the same time allowing the Banks to lodge proofs of debt.

Full post as published by Australian Regulatory Compliance Review on April 30, 2009 (boomark / email).