KAHN & KAHN

This matter came before McClelland DCJ concerning orders sought by Mr Kahn and Ms Kahn. The dispute involved the sale of two properties, one located at B Street and another at C Street, both in New South Wales. The court was required to make orders regarding the marketing, sale, and distribution of proceeds from these properties, as well as the management of other assets and liabilities.

The court was tasked with determining the specific steps and timelines for the sale of the B Street and C Street properties, including the appointment of agents and legal practitioners, the method of sale (auction or private treaty), reserve prices, and the negotiation of offers. Furthermore, the court needed to establish a clear priority for the distribution of sale proceeds, encompassing sale expenses, legal costs, reimbursements, mortgage discharges, council rates, estimated capital gains tax, income tax, a specific sum for each party, and the remaining balance. The court also had to address interim occupation rights, restrictions on further encumbrances, and the management of rental income and outgoings for other properties.

In its reasoning, the court established a detailed framework for the sale and distribution of assets. It mandated the creation of a joint bank account for real estate proceeds and required parties to seek financial hardship assistance for loans. Specific timelines were set for appointing agents and lawyers, marketing properties, and accepting offers within a percentage of the reserve price. The distribution of proceeds followed a hierarchical order, ensuring expenses and taxes were addressed before distributing capital sums to the parties. The court also granted exclusive occupation of the B Street property to the husband pending its sale and imposed restraints on further encumbering properties. The wife was given exclusive occupation of the J Street property and was ordered to manage the G Street property, with rental income directed to an offset account for various outgoings.

The court made detailed orders concerning the sale of the B Street and C Street properties, including the establishment of a joint bank account for proceeds and the process for seeking financial hardship assistance. The orders specified the marketing and sale procedures for both properties, including the appointment of agents and lawyers, reserve prices, and the acceptance of offers. A comprehensive priority for the distribution of sale proceeds was established, followed by provisions for capital gains tax, interim occupation rights, and the management of other properties and their associated income and expenses.