LUDLOW & LUDLOW

The wife sought to set aside a financial agreement entered into by the parties, with a settlement date imminent. She also commenced proceedings against the husband and a company acting as trustee for two family trusts. The court considered whether interim injunctions should apply to both trusts, with a focus on protecting assets to ensure the enforceability of any future orders. Ultimately, the court was satisfied that sufficient assets existed to meet the wife's claim and declined to grant an injunction in relation to the second trust.

The legal issues before the court included the wife's application to set aside a financial agreement and the scope of interim injunctive relief to be granted pending further determination. A further issue arose concerning a potential conflict of interest, as the husband's counsel also represented the second respondent. Given the proximity of the settlement date, the court considered it necessary to proceed with making interim orders that were just and equitable for all parties involved.

The court reasoned that while the wife sought to set aside the financial agreement, the immediate concern was the preservation of assets. The court found sufficient assets to satisfy the wife's claim, leading to the refusal of an injunction against the second trust. Regarding the conflict of interest, the court acknowledged the risk but proceeded to make orders, indicating a balancing of competing interests and the need for timely resolution. The court granted various injunctions restraining the husband and W Pty Ltd from dealing with specific assets, including shares, properties, and personal entitlements, with exceptions for payments to Westpac Bank and to comply with sale agreements.

The court ordered that an injunction be granted restraining the husband and W Pty Ltd from dealing with funds received by W Pty Ltd as trustee of the Ludlow Family Trust arising from the sale of shares in Z International Pty Ltd, with an exception for payments to Westpac Bank. Further injunctions were imposed on the husband, restraining him from resigning as director or shareholder of various companies within the "Z Group of Companies," or as trustee or appointer of trusts, and from dealing with certain personal assets. The husband and W Pty Ltd were also restrained from dealing with their shareholding in the Z Group of Companies, other than to complete the sale to G Group Limited, and from encumbering specified real estate. The matter was adjourned for further consideration, with directions for filing affidavit material and for service of proceedings on the husband's son, B Ludlow.