KNIGHTSBRIDGE & KNIGHTSBRIDGE

The case of Knightsbridge & Knightsbridge involved a dispute between a wife, Ms Knightsbridge, and a husband, Mr Knightsbridge, concerning the division of their property and spousal maintenance. The matter was heard by Faulks ACJ.

The court was required to determine the ownership of various assets, including real estate, superannuation, vehicles, and commercial entities, and to make orders for property settlement and spousal maintenance. The court also had to address the process for the sale of a specific property and the allocation of sale proceeds, including provisions for capital gains tax.

The court's reasoning led to a detailed division of the parties' assets and liabilities. The wife was declared the owner of certain properties, superannuation, and a motor vehicle, and was to receive a lump sum payment for property settlement and spousal maintenance. The husband was declared the owner of other properties, superannuation, a motor vehicle, and commercial entities. The court outlined a comprehensive procedure for the sale of the B, NSW property, including the appointment of agents and solicitors, and specified how the proceeds were to be distributed, with a particular focus on capital gains tax liabilities and the ultimate percentage division of net assets between the parties. The orders also included significant indemnity provisions for the wife concerning liabilities related to the Knightsbridge Group and the W, NSW property. In instances of non-compliance with the orders, a Registrar of the Family Court was appointed to execute necessary documents or actions.