Cross & Cross and Ors

The case involved a dispute between a husband and wife concerning property settlement and child support. The court was required to make orders to finalise these matters, including the joinder of the husband's parents as parties to the proceedings. The orders discharged previous consent orders and established a comprehensive scheme for the division of assets, payment of a significant sum by the husband to the wife, and the transfer of various interests in property, companies, and trusts.

The primary legal issues before the court were the terms of the final property settlement, including the valuation and division of significant assets such as a property and interests in a group of companies and trusts. The court also addressed the provision of child support, including periodic payments and the coverage of specific expenses for the children. A key aspect of the property settlement involved securing the husband's obligations to the wife, which necessitated the involvement of the husband's parents and the establishment of priority for the wife's entitlements in the event of a sale of the T property.

The court's reasoning, as reflected in the extensive orders, aimed to achieve a final and practical resolution of the parties' financial relationship. This involved a detailed allocation of assets and liabilities, including the husband's payment of $5,750,000 to the wife, the transfer of the wife's interests in various entities and trusts to the husband, and the wife's retention of specific assets. The court also applied principles of the Family Law Act 1975 and the Child Support (Assessment) Act 1989 to determine the child support obligations, including a departure order for periodic payments and provision for school fees and other expenses. The orders were designed to sever the parties' financial ties and avoid further litigation, with provisions for the Registrar to execute documents in the event of default.

The court made detailed orders discharging previous consent orders and joining the husband's parents as parties. The husband was ordered to pay the wife $5,750,000, with specific payment dates and conditions. The wife was required to transfer her interests in the T property, various companies within the Z Cross Group, and certain trusts to the husband. The husband was to indemnify the wife against liabilities arising from her former involvement in these entities and trusts. The husband's parents were to permit the proceeds of sale of the T property to be applied towards the outstanding payment to the wife, ranking ahead of their own entitlement. In the event of default, the wife was empowered to sell the T property, with proceeds applied first to her payment, then to the husband's parents' loan, and the balance to the husband. The wife was to retain specific assets, including $180,000 from previous orders, a Volvo, superannuation entitlements, and certain chattels. The husband was to retain the T property and his interests in the Z Cross Group and other specified assets. The court also made orders regarding the division of artwork and superannuation entitlements, and a departure order for child support, requiring the husband to pay $18,000 per annum per child, adjusted for CPI, and to cover school fees and other child-related expenses. The orders were certified as reasonably requiring the attendance of Senior Counsel and were intended to end the financial relationship between the parties.