ELKIN & WEARNE

This matter came before Watts J of the Family Court of Australia concerning the division of property between the parties, identified as the husband and wife. The dispute involved the distribution of various assets, including shareholdings in companies, real property, motor vehicles, plant and equipment, and the liquidation of a company. The court was tasked with making orders pursuant to section 79 of the *Family Law Act 1975* (Cth) to achieve a just and equitable division of the parties' financial resources.

The court was required to determine the specific terms of the property settlement, including the monetary sum to be paid by the wife to the husband, the transfer of shareholdings and interests in companies, the allocation of motor vehicles, plant, and equipment, and the discharge of various loans and liabilities. Further issues included the transfer of real property, the liquidation of a company with a specific distribution ratio of assets, the sale of a commercial property, and the allocation of responsibility for debts and taxation consequences arising from the property transfers. The court also needed to address the parties' claims to superannuation benefits and the ownership of insurance policies.

Watts J made orders for a comprehensive property settlement. The wife was ordered to pay a sum of $353,336 to the husband and to facilitate the transfer of shareholding in B Pty Ltd to herself and the transfer of C Pty Ltd's assets to the husband, who was to discharge a specific loan and be responsible for associated taxation consequences. The wife was also to receive the property known as "Property D" and be responsible for discharging a joint NAB loan, while indemnifying the husband and C Pty Ltd against liabilities to G Pty Ltd. Following these actions, C Pty Ltd was to be liquidated, with assets distributed 65% to the wife and 35% to the husband. A commercial property was to be sold, with the proceeds to be determined by agreement or by a nominated liquidator. Each party was to retain other property in their possession, forego claims to each other's superannuation, and be solely liable for specified debts and liabilities, indemnifying the other party accordingly. Provisions were also made for the collection of documents and for the sale of certain properties if the wife failed to comply with her payment obligation. The Registrar was appointed to execute documents if a party refused to do so.