Cuny and Cuny

In *Cuny and Cuny*, Stevenson J of the Supreme Court of New South Wales was required to determine the orders to be made concerning the sale of a property known as the Suburb M property. The parties, the husband and the wife, had reached a consent agreement regarding the sale and distribution of proceeds, but the court was tasked with formalising these arrangements and addressing any outstanding matters.

The primary legal issue before the court was how to facilitate the sale of the Suburb M property and the subsequent distribution of the sale proceeds. This involved determining the terms of the sale, including the method of sale, the timeline, the reserve price, and the process for negotiation if the reserve price was not met. The court also had to consider the priority of payments from the proceeds and the immediate financial arrangements for the parties.

Stevenson J ordered that the Suburb M property be sold by public auction no later than 24 October 2015. Specific instructions were given regarding the listing of the property, the appointment of agents and solicitors, the presentation of the property, and the setting of a reserve price of $6.1 million. The court also stipulated that if the property was not sold at auction or within 14 days thereafter by negotiation, a further auction would be held with a reduced reserve price of $5.8 million. The proceeds of sale were to be applied first to discharge the mortgage, then to agent commissions and sale costs, followed by legal costs, with the balance to be held pending further order. Each party was permitted to draw down $200,000 from the existing bank facility as a partial property settlement. The husband was also restrained from purchasing the property himself. All outstanding applications in the case were dismissed.