Aktar and Nerbo and Ors

In the matter of Aktar and Nerbo and Ors, Macmillan J of the Supreme Court of Victoria made orders by consent between the parties. The proceedings concerned a financial dispute, with the court being asked to determine the terms of settlement and the division of property.

The court was required to determine the legal issues surrounding the financial relationship between the parties, specifically how a sum of $25,000 was to be paid and secured. The orders addressed the payment schedule, the consequences of default, and the management and sale of a specific property located at B Street, Suburb C, Victoria.

The court's reasoning, as reflected in the consent orders, involved establishing a clear payment plan for the $25,000, with specific due dates for five instalments. Crucially, the court ordered that in the event of non-payment, the parties' interests in the specified real property were to be placed on the market for sale. The proceeds of sale were to be applied first to sale costs, then to discharge any mortgages or encumbrances, followed by the outstanding payment amount plus interest, with any balance to be returned to the relevant parties. Further provisions were made for the agreement on a selling agent, reserve price, and mode of sale, with mechanisms for nomination by the President of the Real Estate Institute of Victoria in case of disagreement. The orders also included provisions regarding the transfer or encumbrance of property, the removal of caveats, and the final determination of the parties' financial relationship.