They aren't checks. They're wire transfers. The mistake is understandable, and really -- it's not that big of a mistake. Apple hasn't paid anything out yet, the documentation can almost certainly be changed -- Apple simply needs to respond to his queries.
Why work so hard to blame the person who makes a simple mistake and gets stuck in an endless bureaucracy? The process is intimidating, poorly documented, and incredibly confusing. Apple provides very little assistance when things go wrong, and quite often, mistakes made in the web UI can not be rectified without going through human support -- who will, more often than not (from experience), simply ignore you.
Why create a company at all? Why create a fake company, one that does not have a bank account associated with it? Why do so in a country you don't live in?
This all sounds very strange.
As for liability, for an Iphone application I think that since the transaction is between the customer and Apple that you are more or less out of the windy zone anyway, the only one I can think of that would apply would be gross negligence, but since Apple reviews the Applications they might even have to take the heat for that one.
Presumably the only party that could sue you with some chance of success would be Apple.
The only sound approach is to have your corporation, which owns the money (not you), open a bank account that belongs to the corporation. It will have to be in the UK.
Is that a problem because you don't live in the UK? Maybe you should have thought about it before you chose to create a company in the UK. Why create a company if you can't create a bank account at the same time? How did you expect to have the company make money?
If you thought you could just use a bogus company front and cash the checks on your personal account with no records, well, you don't deserve much help.