BOOTH & BOOTH

This matter concerned the division of property between a husband and wife, with Benjamin J presiding. The primary dispute revolved around the E Street property, which the wife had been appointed receiver of rents and profits. The court was required to determine the terms under which the husband might acquire the wife's interest in this property, or, alternatively, the process for its sale and the distribution of proceeds.

The court's decision addressed two main scenarios. Firstly, it outlined the conditions under which the husband could elect to purchase the wife's interest in the E Street property. This involved the husband executing a Deed of Release, providing written notice of his intention to acquire the property, and satisfying specific financial obligations, including paying a substantial sum to the wife, covering outstanding rates and child support arrears, and securing the wife's release from certain liabilities. Secondly, the court established a comprehensive framework for the sale of the E Street property should the husband not proceed with the purchase. This included provisions for appointing agents and valuers, setting a reserve price, and negotiating sales below the reserve.

In detailing the distribution of sale proceeds, the court prioritised legal and selling expenses, followed by council rates and water rates. The wife was to receive a significant portion of the remaining proceeds, with a calculation based on the sale price relative to $750,000, and further sums for child support arrears and a Quikfunds liability. The husband was granted sole occupation of the property pending sale or transfer, with responsibility for mortgage payments and outgoings. The orders also included provisions for the husband to indemnify the wife against various liabilities and for both parties to resign from certain company and trust roles, with specific assets and liabilities retained by each party.