Garwin & Garwin

In the matter of *Garwin & Garwin*, Loughnan J made orders concerning the division of property and financial arrangements between a husband and wife. The dispute involved the wife's resignation from directorships and shareholdings in L Pty Limited, the transfer of her interest in a property located at X Avenue, M, New South Wales, and the husband's indemnification of the wife for any liabilities arising from her involvement with the company. The court also addressed the payment of a significant sum by the husband to the wife and the potential sale of the X Avenue property if payment was not made.

The court was required to determine the terms of the property settlement, including the specific actions to be taken by each party to effect the transfer of assets and the discharge of liabilities. Key issues included the valuation and division of the X Avenue property, the extent of the husband's indemnity to the wife regarding her company directorships and shareholdings, and the mechanism for payment and enforcement of the financial orders. The court also considered the management of a trust account held for the parties' children and the final disposition of all other property and debts not specifically addressed in the orders.

Loughnan J ordered that within 30 days, the wife was to resign from all positions in L Pty Limited and transfer her interest in the X Avenue property to the husband. Concurrently, the husband was to indemnify the wife against any liabilities related to her directorship or shareholding in the company and pay her the sum of $4,444,377. Should the husband fail to make this payment, the X Avenue property was to be sold by public auction, with the husband responsible for all sale costs. The proceeds of sale were to be applied first to sale costs and outstanding rates, then to reimburse the husband for sale expenses, and finally, the net proceeds were to be divided with 55.6% to the wife and the balance to the husband. The orders also stipulated that each party was solely entitled to other property in their possession and solely liable for their own debts, with provisions for the Registrar of the Family Court to execute documents in case of default.