AITKEN & AITKEN

This matter came before Rees J concerning property settlement proceedings between the Husband and Wife. The dispute involved the division of assets, including interests in various companies and trusts, and the management of these entities pending final resolution. The court was asked to make orders by consent regarding the immediate financial arrangements and the ongoing conduct of the parties in relation to their shared business interests.

The court was required to determine the terms of consent orders that would facilitate a partial property settlement, including the payment of funds from a company to the parties and the characterisation of these payments. Further issues included the appointment and instructions for forensic accounting experts to value the parties' interests, assess the impact of the COVID-19 pandemic on those interests, and value specific assets. The court also needed to address orders restraining the parties from dealing with certain company and trust accounts, the husband's obligations regarding financial information disclosure, and the wife's continued access as a signatory and online viewer to company bank accounts. Additionally, the court considered orders regarding the reinvestment of term deposits, the sale or encumbrance of shares and trust interests, and the payment of operating expenses for specific entities.

Rees J made orders by consent that provided for the payment of $470,000 to each party from D Pty Ltd, to be characterised as a return of capital. The orders also directed the parties to engage single forensic accounting experts to value their interests, assess the impact of the COVID-19 pandemic on those interests, and value specific tangible assets. The court imposed significant restraints on both parties regarding the movement of funds from various company accounts and prohibited the sale or encumbrance of shares and interests in the Aitken Family Superannuation Fund. The husband was ordered to provide extensive financial information to the wife on a monthly basis and was restrained from varying insurance policies without her consent. The husband was also directed to pay the operating expenses of D Pty Limited and the Aitken Unit Trust, with limitations on capital expenditure.

The court further ordered the transfer of $500,000 from D Pty Limited's cash management accounts and made specific orders regarding the use and occupation of a property, as well as the delivery of certain personal property between the parties. Notably, the husband's applications for the wife to resign as a director, to restrain her from entering a property, and to restrain her from dealing with customers of D Pty Limited were dismissed. General restraining orders were also made, prohibiting the disposal of assets exceeding $1,000 and the sale or encumbrance of any interest in real property.