Gill, along with eight members of his family, was due to appear at the High Court in London this morning accused of breach of fiduciary duty – the obligation to act in the best interests of another party, such as company shareholders or creditors.
At the hearing, which was brought by Begbies Traynor on behalf of Capital Print & Display and at which Gill did not attend, it was announced that a sum agreed by the two parties will be paid in full by Gill by 26 August 2009.
Although nine members of the Gill family were accused, only three are included in the payments – believed to be Gill, his wife and his father – the figure agreed will be paid by the three.
If the sum is not paid by 1 September 2009 the deputy judge Mr R Knowles called for a case management conference, at which the two parties will appear for direction.
Begbies Traynor, which was appointed as administrator to Capital in June 2008, had said that Gill could have to pay up to £1.6m.
David Gill settles out of court on day of hearing
Lawyers acting on behalf of Capital Print & Display and its former director David Gill have agreed an out of court settlement over charges relating to his conduct while working at the company.
