McDermott & McDermott

This matter concerned orders made by Foster J in proceedings between a Husband and Wife. The dispute involved the management and preservation of assets, particularly those related to a company, B Pty Ltd, and a farming enterprise. The court was required to make interim orders to regulate the parties' conduct and the operation of their businesses pending further determination of the proceedings.

The court was tasked with determining a range of issues concerning the financial affairs of the parties and their associated entities. These included the disclosure of financial information, the operation of bank accounts, the management of business enterprises, the restraint on undertaking certain work, and the drawing of funds for living expenses and legal costs. Furthermore, the court needed to address the preservation of assets, the exchange of financial documentation, and the appointment of valuers to determine the worth of various assets, including real estate, plant, equipment, livestock, and business interests.

In its reasoning, the court applied principles of family law concerning the preservation of marital assets and the equitable distribution of financial resources. The orders made reflect a careful balancing of the parties' immediate needs for living expenses and legal representation, while simultaneously safeguarding the value of the company and farming enterprise. The court imposed significant restraints on the Husband's ability to undertake work similar to that of the company and restricted the disposal of assets without prior notice. The detailed provisions for the operation of the company's bank account and the appointment of independent valuers underscore the court's intention to ensure transparency and facilitate a fair resolution of the financial aspects of the marriage breakdown.

The court made extensive interim orders, including requiring the Husband to provide detailed financial information regarding his work, directing payments into a specific company bank account, and authorising both parties to operate this account independently for business purposes. The Wife was granted conduct of the farming enterprise, and the Husband was granted conduct of the B Pty Ltd enterprise, with both restrained from operating outside the ordinary course of business. The Husband was also restrained from undertaking work of a similar nature to that of the company. Both parties were permitted to draw specified weekly sums for living expenses and contributions to governess costs, with further provisions for legal fees. The court also ordered the appointment of single expert valuers to assess various assets and liabilities, with detailed procedures for their nomination, selection, and instruction. The proceedings were adjourned for further directions.