An island businessman has agreed to settle £67m of claims relating to a number of his companies now in liquidation.

Paul Bell, of Hailwood Avenue, Douglas, struck the confidential settlement deal in May, according to documents filed this month at Companies House in the UK.

Joint liquidators of Rockingham International Ltd, part of a wider group of companies in liquidation connected to Mr Bell, noted there were headline claims of £67m arising from the investigation of the connected group companies.

They said: ’Following mediation, all claims against Mr Bell and the underlying dispute were compromised by way of a confidential settlement agreement.

’All settled monies are to be received by Gateley PLC (the joint liquidators’ appointed solicitors) via Hill Dickinson LLP, on behalf of Mr Bell, in accordance with the settlement.’

Liquidators’ updates for Corevale Service Ltd, Cyberhouse Enterprises Ltd, Greatcase Ltd, EV Construction and Management Ltd and Pavillion Management Services also referred to the settlement agreement.

Many of Mr Bell’s other companies remain active.

Rockingham Investments had not received any money from the settlement up to October 12.

So far £273,517.41 has been received by the liquidators of EV Construction, and £200,899.54 by Pavillion.