Nybury & Nybury

This matter concerned orders made by Guest J in the Family Court of Australia, dealing with the division of property and liabilities between a Husband and Wife. The dispute involved the substitution of the parties as trustees of the Nybury Property Trust, the transfer of a specific property, and the discharge of various financial obligations and liabilities.

The court was required to determine the terms of the property settlement, including the mechanism for substituting the parties as trustees of the Nybury Property Trust, the transfer of a property known as "P" to the Wife, and the Husband's responsibilities regarding a mortgage on that property and other financial liabilities. Further issues included the allocation of interests in the company D Pty. Ltd., the Wife's potential liabilities related to E Pty. Ltd., and the resolution of child support assessments.

Guest J ordered that the Husband and Wife, or the Wife alone if she elected in writing within six months, be substituted for ASIC and/or E Pty. Ltd. as trustees of the Nybury Property Trust, with specific cost-sharing arrangements for this substitution. The Husband was also directed to facilitate the transfer of the Nybury Property Trust's interest in the "P" property to the Wife and to resign as appointor and trustee, thereby transferring control of the trust to the Wife. The Husband was ordered to pay the Wife $10,000 by 28 February 2008, discharge a specific mortgage on the "P" property, and procure the release of both parties from any guarantees related to that mortgage. He was also to procure the Wife's release from guarantees or indemnities concerning D Pty. Ltd., while retaining his interest in that company to the exclusion of the Wife. The Husband was to indemnify the Wife against liabilities related to E Pty. Ltd., including those arising from alleged fraudulent cheques. Liberty to apply was reserved regarding stamp duty, taxation liabilities, and anticipated liabilities of E Pty. Ltd. and the Nybury Property Trust. The parties were to retain their respective property and liabilities, save for specific exceptions detailed in the orders, and the Wife was to remove any caveat she had placed on the property at K. Finally, child support assessments were to be departed from for a specified period, with arrears discharged, and all other extant applications were dismissed.