KOSTAS & KOSTAS

In the matter of *Kostas & Kostas*, Foster J of the Supreme Court of New South Wales was required to make orders concerning the sale of a property and the distribution of its proceeds. The dispute involved a husband and wife, and the court's intervention was sought to facilitate the sale and determine the financial arrangements surrounding it.

The primary legal issues before the court were the appointment of a trustee for the sale of the property, the timeframe and method of sale, the husband's ongoing responsibilities regarding the property's outgoings and maintenance, and the order of priority for the distribution of the sale proceeds. The court also needed to consider the ultimate disposition of any remaining balance after specified payments.

Foster J ordered that within seven days, the parties were to agree in writing on the appointment of a solicitor to act as Trustee for Sale for the property. If agreement was not reached, the wife was to appoint a trustee within a further seven days. Upon appointment, the property was to vest in the trustee and be sold by public auction within three months. The husband was ordered to pay all outgoings and maintain the property in good order pending sale. The proceeds of sale were to be applied first to selling costs, then legal costs, contract adjustments, a payment of $150,000 to the wife, and finally, any balance was to be held in an interest-bearing account by the trustee pending further order. The trustee was granted liberty to apply for directions, and applications for costs were to be made by written submissions.