Fisher v Fisher

The Full Court of the High Court of Australia heard an appeal concerning a dispute between the parties, Mr and Mrs Fisher, regarding the division of matrimonial property. The primary issue before the court was the appropriate valuation of certain assets, specifically shares in a family company, for the purposes of property settlement.

The court was required to determine whether the shares should be valued on a "going concern" basis or on a "liquidation" basis, and how any resulting disparity in valuation should be accounted for in the property settlement. This involved considering the nature of the company, its financial position, and the likelihood of its continued operation.

The High Court held that the shares should be valued on a "going concern" basis, reflecting the reality of the company's ongoing operations and its earning capacity. The court reasoned that valuing the shares on a liquidation basis would not accurately reflect their true worth to the parties, particularly given the company's established business. The principles of equitable distribution of matrimonial property were applied, with the court emphasising the need for a practical and realistic assessment of asset values.

The appeal was allowed, and the matter was remitted to the Family Court for redetermination of the property settlement in accordance with the High Court's judgment on the valuation of the shares.