LIU & BAI

In the matter of LIU & BAI, Johns J of the Family Court of Australia made orders concerning the division of property between the parties. The dispute involved the distribution of various assets, including real property, business interests, and a motor vehicle, as well as the allocation of liabilities associated with these assets.

The court was required to determine how the parties' respective interests in the real property at B Street, Suburb C, the proceeds of sale of the business trading as D Pty Ltd, and the shares in E Pty Ltd should be divided. Further, the court needed to address the allocation of liabilities arising from the parties' interests in the D Pty Ltd business and E Pty Ltd, and the distribution of the proceeds from the sale of a German motor vehicle. The court also had to make orders regarding all other property in the possession of each party, superannuation benefits, insurance policies, and the severance of any joint tenancies.

Johns J ordered that the wife retain exclusive title to the B Street property and indemnify the husband against any liabilities affecting it. The wife was also to retain her interest in the proceeds of sale of the D Pty Ltd business and her shares in E Pty Ltd, while indemnifying the husband against any liabilities arising from his interest in these entities. The proceeds from the sale of the German motor vehicle were to be applied first to pay the husband $42,480, with the balance going to the wife. All other extant applications were dismissed, with each party to retain exclusive entitlement to other property in their possession, forego claims to each other's superannuation, and be solely liable for and indemnify the other against liabilities encumbering property awarded to them. Joint tenancies were expressly severed.