Epaminondas and Epaminondas (No 2)

This matter concerned orders made by Berman J in the Federal Circuit Court of Australia between the husband and wife, relating to the division of assets and liabilities of the Epaminondas Family Trust. The dispute involved the management and distribution of funds held by the trustee, B, and the sale and distribution of trust property.

The court was required to determine the appropriate orders for the disbursement of funds held by the trustee, including sums to meet capital gains tax, company tax, and personal income tax liabilities. Further issues included the division of a specific sum of money, the sale of a property located at Y Street, Suburb Z, and the distribution of the net proceeds. The court also had to consider the transfer of another property at L Street, N Town, Queensland, to the wife by way of distribution in specie, and the future of a specific sum of money pending the determination of a particular issue raised in the wife's response.

Berman J ordered that a sum of $91,154 be retained for tax liabilities, pending confirmation from accountants. Another sum of $13,500 was to remain invested pending the determination of a specific issue raised by the wife. A sum of $67,640 was to be divided equally between the parties. The husband was ordered to file and serve an affidavit addressing specific matters raised by the wife. The court further ordered that the Y Street property be placed on the market for sale, with the net proceeds to be invested jointly pending agreement or further order. Subject to the sale and discharge of a mortgage, the L Street property was to be transferred to the wife in specie. The husband's application and the balance of the wife's response were dismissed, save for one specific paragraph of the wife's response which the wife was at liberty to relist within twenty-one days of receiving the husband's affidavit. If not relisted, the remaining invested monies were to be divided equally.