One of Australia's longest-running legal stoushes appears to be finally nearing an end, with a settlement reached over the distribution of funds linked to Alan Bond's Bell Group.
After more than two decades of litigation stemming from the collapse of the Bell Group, the WA Government has confirmed it has reached a settlement with other creditors to distribute a $1.75 billion settlement agreed to in 2013.
It is understood the WA Government will receive between $600 million and $700 million from that settlement, with the Australian Tax Office (ATO) another major creditor.
But the legal wrangling has come at an enormous cost, with legal fees costing the WA Government alone around $300 million.
Former WA chief justice Wayne Martin was being paid around $10,000 per day in a bid to resolve the stoush.
Treasurer Ben Wyatt said he was hoping to see the funds, held by the liquidator, flow to creditors within a year.
"The Bell litigation has long been a distraction, and consumed an inordinate amount of time and resources for all parties," Mr Wyatt said.
"I hope this represents the start of the end for Bell and the matter is resolved in the interest of WA taxpayers."
Approvals are still required from courts in Australia, the United Kingdom and Curacao, Mr Wyatt said.
"There are lots of conditions attached which could see this settlement not proceed," he said.
"I hope it proceeds but there still is a lot of water to run under this bridge before the state can expect to see the payment of any monies."
Approvals are still required from various Australian and overseas courts, Mr Wyatt said.
The Insurance Commission of WA, the state's third-party insurer, picked up a big stake in Bell Group at a time when the Government frequently entered into deals with big business — initially under the leadership of Premier Brian Burke.
The former Barnett government had previously passed legislation that gave WA control over the distribution of settlement funds, but that was ruled invalid by the High Court earlier this month.
WA Attorney-General John Quigley has previously described the case as a "lawyers' picnic".u
