McDermott and McDermott and Anor

In *McDermott and McDermott and Anor*, Foster J of the Supreme Court of New South Wales considered a dispute concerning the beneficial ownership of funds held in a bank account. The applicants sought declarations regarding the entitlement to these funds, which were held in an account in the name of the Second Respondent.

The central legal issue before the Court was to determine the proper ownership of funds deposited into a specific bank account from 9 May 2014. This involved ascertaining the proportionate interests of the Company, the Partnership, and an entity referred to as Z in those funds.

Foster J declared that the funds deposited into the specified ANZ bank account from 9 May 2014 were the property of the Company, the Partnership, and Z, in proportions of 72.5 per cent to the Partnership, 27 per cent to the Company, and 0.5 per cent to Z. The Court further declared that these funds vested in Mr M in his capacity as receiver and manager of the Partnership and liquidator of the Company and Z. The husband's application was dismissed, and costs were reserved.