Petresca and Petresca (No. 2)

In the matter of *Petresca and Petresca (No. 2)*, Justice Mushin of the Family Court of Australia considered applications concerning the sale of a business and related financial matters between a husband and wife. The dispute centred on the disposition of a business property and the husband's bankruptcy, with orders sought for the sale of the business and the distribution of its proceeds.

The court was required to determine the terms and conditions under which the business property should be sold, the priority of payments from the sale proceeds, and to make orders restraining the parties from further encumbering the business or the matrimonial home. Additionally, the court needed to address specific restrictions on the husband's conduct in relation to the sale of the business and to reserve further questions of costs and liberty to apply.

Justice Mushin ordered the sale of the business property by the Official Trustee in Bankruptcy, granting the trustee sole discretion over the terms of the sale. The proceeds were to be applied first to discharge any encumbrances on the title, then to cover sale costs, followed by the expenses necessary to annul the husband's bankruptcy. Any remaining balance was to be held by the wife's solicitors in an interest-bearing account, to be distributed only by the written consent of both parties or by further court order. The court also issued injunctions restraining both parties from further encumbering the business or the matrimonial home, and imposed specific restrictions on the husband's contact with selling agents, his presence at the business, and his interaction with prospective purchasers. The further hearing of all applications was adjourned, with liberty reserved to apply regarding the distribution of funds and all questions of costs.