Downer and Downer

This matter concerned property settlement orders made pursuant to s 79 of the Family Law Act 1975 between the Wife and Husband. The court was required to determine the division of various assets, liabilities, and superannuation interests held by the parties, including real estate, bank accounts, trusts, and a company.

The court was required to determine the specific proportions in which the parties' assets, liabilities, and superannuation interests should be divided. This involved detailed orders regarding the sale and distribution of proceeds from properties located at G Street, H Street, K Street, C Street, N Street, and R Street. The court also had to address the division of funds held in various bank accounts and trusts, including the Downer Property Trust, Downer Family Trust, and U Pty Ltd. Furthermore, the court was tasked with determining the distribution of interests in the Downer Superannuation Fund and the winding up of companies M Pty Ltd and U Pty Ltd.

The court ordered a final property settlement with the Wife receiving 55 per cent and the Husband receiving 45 per cent of the divisible assets. Specific orders were made for the sale and distribution of proceeds from various properties, including G Street, N Street, and R Street, with detailed provisions for marketing, sale, and application of proceeds. The court also ordered the division of funds in various bank accounts and trusts according to the parties' respective percentages. The Downer Superannuation Fund was to be split, with the Husband receiving 100 per cent of the Wife's interest and the Wife receiving her percentage of the Husband's interest. The companies U Pty Ltd and M Pty Ltd were to be wound up and their assets distributed according to specific terms. The court also made orders regarding the retention of certain residual properties and general provisions for the finalisation of the financial relationship between the parties, including indemnities for tax liabilities and the execution of necessary documents.