KALLAS & KALLAS

In the matter of Kallas & Kallas, Foster J considered orders concerning the sale of property and the management of company assets. The dispute involved a husband and wife, and the court was tasked with determining how certain assets, including real estate and company funds, should be dealt with to satisfy various obligations.

The court was required to determine the appropriate disposition of proceeds from the sale of a property at B Street, Suburb C, and a property at F Street, Suburb G. Further, the court needed to decide how funds from a NAB term deposit should be managed and disbursed, particularly in relation to the expenses and creditors of a company, E Pty Ltd. The court also had to consider the provision of financial information and the allocation of costs for the application.

Foster J ordered that the property at B Street, Suburb C, be sold, with the net proceeds to be applied first to sale costs, then to discharge any mortgage and outstanding rates, and the balance to be held in a controlled monies account. The court also directed that a NAB term deposit be closed, with the funds paid to a single expert accountant, Mr D, who would then disburse them to pay the proper expenses and creditors of E Pty Ltd as authenticated and prioritised by him. The husband was ordered to facilitate the sale of the property at F Street, Suburb G, with the net proceeds also to be paid to Mr D for distribution to the company's creditors. The husband was also ordered to provide a detailed response to specific financial information requests within one month. The costs of the application were reserved.