35 year long liquidation of Apal is finally completed
The 35 year long liquidation of Apal is finally completed, a tour operator that went bust in 1974 after the collapse of the Israel-British Bank. The case involved complex loans and lengthy legal actions outside the UK.
The creditors, totalling more than 500, comprised holiday makers, airlines and hotels. They were paid a total of 74p in the pound; the first of seven dividends was paid in the 1970s and the final dividend was paid in August 2009.
As the recent cases of Lehman Brothers, Bernard Madoff and Allan Stamford undoubtedly involve many complex issues, will any of these last longer than the 35 years of Apal?
Caroline Stark is a senior manager at Mercer & Hole. The views given in this blog are personal to the author.
Date: 28th September, 2009
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