Dougal and Dougal

In *Dougal and Dougal*, the Honourable Justice Cronin was required to determine the division of assets and liabilities between a husband and wife. The dispute concerned the equitable distribution of various assets, including company shareholdings, proceeds from the sale of business assets and property, and personal funds, as well as the allocation of liabilities.

The court was tasked with establishing the pool of assets and liabilities for division, determining the appropriate percentage split of this pool between the parties, and making consequential orders to give effect to the division. Specific issues included how to secure a sum of money for the wife against the husband's interest in a company, the husband's obligations regarding the disposal of company assets, and the treatment of various debts and capital gains tax liabilities. The court also had to address the disposition of motor vehicles and chattels, and the wife's superannuation.

Justice Cronin reasoned that a comprehensive pool of assets and liabilities should be established, encompassing the net proceeds from the sale of units in a unit trust, assets of two proprietary limited companies, monies advanced to both parties, funds held in a bank account, proceeds from the sale of the former matrimonial home, and the wife's superannuation. This pool was to be divided 60 per cent in favour of the wife and 40 per cent in favour of the husband, with adjustments for monies already received and the wife's superannuation. The court ordered the husband to charge his interest in V Pty Ltd in favour of the wife to secure a sum of $100,000 plus interest, and imposed restrictions on his ability to deal with company funds or assets without making arrangements to satisfy this charge. The husband was also directed to take steps to dispose of assets of certain companies to facilitate the division.

The court ordered that the pool of assets and liabilities be divided 60 per cent to the wife and 40 per cent to the husband, with consequential adjustments. The husband was ordered to charge his interest in V Pty Ltd to secure $100,000 plus interest for the wife and was restrained from actions that would thwart this charge or involve borrowing from V Pty Ltd without making arrangements for payment to the wife. The husband was also directed to diligently dispose of assets of A Pty Ltd, R Pty Ltd, and M S Pty Ltd to give effect to the asset division. The parties were to divide motor vehicles and chattels as specified, and the husband was to indemnify the wife for liabilities associated with certain motor vehicle debts and capital gains tax. The applications of the wife and the response of the husband were dismissed, save for issues of costs, which were to be determined on written submissions.