Kyriakos and Kyriakos and Anor

This matter concerned an application by the wife against the husband and a second respondent, relating to property settlement orders made by Judge McGuire. The dispute involved the husband's obligation to pay a lump sum to the wife, and the potential consequences of non-compliance, including the setting aside of a transfer of units in a unit trust and the vesting of a percentage interest in those units to the wife. The orders also addressed the exclusive entitlement of the wife to a specific property, her responsibility for associated liabilities, and the husband's responsibility for a judgment debt.

The court was required to determine the terms of the property settlement, including the quantum of the lump sum payment, the conditions under which a transfer of units in a unit trust would be set aside and vested in the wife, and the specific assets and liabilities to be retained by each party. Further issues included the restraint of actions that could diminish the value of the units or hinder the wife's disposal of them, and the allocation of responsibility for various financial obligations and assets, including properties, company interests, superannuation, and personalty.

In reaching its decision, the court made orders for the husband to pay a lump sum of $198,000 to the wife within 60 days. Should this payment not be made, Order 2 provided for the setting aside of a transfer of 24 units in a unit trust made in July 2008 to the second respondent, with the husband to retain legal title. If Order 2 was activated, Order 3 stipulated that within 75 days, the husband and/or the second respondent were to transfer a 42.3 per cent interest in the husband's share of the unit trust to the wife, entitling her to 42.3 per cent of 24 per cent of the net income from that trust from the date of the orders. The court also made orders regarding the exclusive entitlement to a property, the indemnification of liabilities, and the transfer of various other assets and interests between the parties, including properties in Greece, interests in companies and superannuation funds, personalty, and bank account balances. Each party was also ordered to be solely responsible for and indemnify the other in respect of liabilities incurred since separation and liabilities attaching to assets retained by them.