The Bell Group case, now Australia's most expensive and long running court case, is headed to the High Court.
On 15 March 2013 in Melbourne the full bench of the High Court granted an application for special leave to appeal by the consortium of 20 plus banks involved in the litigation.
In 2008 the banks were ordered by Justice Owen of the Western Australian Supreme Court to pay approximately $1.58 billion to the liquidators of the Bell Group. The banks appealed that decision to the Western Australian Court of Appeal and failed.
During the application before the High Court, counsel for the consortium argued that the existing judgment would encourage directors and financiers to opt for liquidation rather than attempting to rescue companies on the brink of collapse.
Due to the size of the litigation a directions hearing will take place at a date to be confirmed before the appeal is heard in Canberra.
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