Hillcrest pockets $2m from proceedings

West Perth-based Hillcrest Litigation Services expects to pocket up to $2.25 million in profits following the successful completion of arbitration proceedings of its client Austin Australia.

The announcement is below:

Hillcrest Litigation Services Limited ("HLS") is pleased to announce that the final award has been delivered in the arbitration proceedings in this matter and that HLS's funded client, Austin Australia Pty Ltd (In Liquidation), has been successful in the proceedings.

It is anticipated that HLS will record a profit in the region of $1,800,000 to $2,250,000 from the matter which, in addition to the reimbursement of its funding costs of some $470,000, will result in a total cash return to HLS in the region of $2,270,000 to $2,720,000 from the matter.