LAKE & BRAND

In proceedings before Macmillan J, the wife sought final property orders and an injunction against the husband and a third-party company, I Pty Ltd. The dispute centred on the valuation of the husband's interests in various family entities and alleged debts owed to these entities. The wife contended that the husband and his family had engaged in a course of action designed to defeat her claim. A significant issue was the husband's purchase of a yacht shortly before separation, and his subsequent claim that the children held a majority share, which the wife had not consented to.

The court was required to determine the extent of the asset pool, particularly the value of the husband's interests in his family's companies and trusts, and to address the alleged debts owed to these entities. Furthermore, the court had to consider whether the husband's actions regarding the yacht constituted waste of matrimonial assets, and whether an injunction should be granted to restrain I Pty Ltd from pursuing a debt claim against the wife. The court also had to consider the wife's renunciation of any entitlement to the Mr Brand Family Trust.

Macmillan J found that the husband had acted recklessly, negligently, or wantonly in dealing with matrimonial assets, specifically in relation to the yacht, and this waste was taken into account pursuant to s 75(2) of the Family Law Act 1975 (Cth). The court also found that the evidence did not support the existence of the alleged debt owed to I Pty Ltd, and therefore granted an injunction pursuant to s 90AF(2) restraining the company from instituting proceedings to recover this debt from the wife. The court made detailed orders dividing the property, including the surrender of a term deposit to the wife, the husband retaining his interests in various companies and trusts while indemnifying the wife against any claims arising from them, and the wife being solely responsible for the mortgage and outgoings on a property. The court also ordered that each party be solely entitled to other real and personal property registered in their name, with specific provisions for bank accounts, superannuation, insurance policies, and liabilities.