The High Court has dealt a major blow to the state government after ruling invalid legislation that would have propelled it to the top of the creditors' list for the $1.75 billion carve-up of the failed Bell Group.
A New Zealand-based insolvency expert has been put in charge of a new state government authority that will decide how $1.7 billion from the Bell Group litigation will be distributed.
The state government is utilising rarely used powers under the Corporations Act to take control of $1.7 billion owed to creditors of the failed Bell Group and ensure a big slice of that money is distributed to Western Australian taxpayers through the Insurance Commission of WA.
The state government will introduce legislation into parliament tomorrow designed to finalise the long-running Bell Group legal case, in which the Insurance Commission of WA and other creditors are fighting over a $1.7 billion payout.
Rob Ferguson has resigned as chairman of litigation funder IMF Bentham after failing in a push for the company's three executive directors, including founder Hugh McLernon, to retire from the board.
Litigation funder Bentham IMF has recruited Ferrier Hodgson partner Andrew Saker as its new managing director, to replace company founder Hugh McLernon.
Embattled property developer Luke Saraceni's battle with the corporate watchdog will move to the Supreme Court after his appeal to the Full Court of the Federal Court was dismissed this morning.
