Phillips and Phillips

[2010] FamCA 359

FAMILY COURT OF AUSTRALIA

PHILLIPS & PHILLIPS [2010] FamCA 359

FAMILY LAW – PROPERTY –  Parties entered consent orders and a binding financial agreement – Section 79A application – Wife asserts undervaluation of the asset pool and non-disclosure of assets –– Wife alleges duress and improper inducements – Failure to provide particulars in compliance with orders – Methodology for valuing shares of a company

APPLICANT: Ms Phillips

RESPONDENT: Mr Phillips

FILE NUMBER: BRC 10818 of 2007

DATE DELIVERED: 11 May 2010

PLACE DELIVERED: Brisbane

PLACE HEARD: Brisbane

JUDGMENT OF: Barry J

HEARING DATE: 31 July 2009

REPRESENTATION

COUNSEL FOR THE APPLICANT: Mr Page of Senior Counsel appearing for the Applicant Wife

SOLICITOR FOR THE APPLICANT: Wiltshire Lawyers

COUNSEL FOR THE RESPONDENT: Mr Kirk of Senior Counsel appearing for the Respondent Husband

SOLICITOR FOR THE RESPONDENT: Hirst & Company

Orders

IT IS ORDERED THAT:

1. The proceedings are adjourned to 10.00 am on 12 July 2010 for the determination of the threshold question as to the value which should have been ascribed to the Husband’s shareholding in VW Pty Ltd as at 31 January 2002.

2. The Wife is to file and serve all material upon which she intends to rely on the threshold question including written submissions on the legal aspects of her claim by 4.00 pm on 2 July 2010.

3. The Husband is to file and serve all material upon which he intends to rely on the threshold question including written submissions on the legal aspects of his claim by 4.00 pm on 9 July 2010.

IT IS NOTED that publication of this judgment under the pseudonym Phillips & Phillips is approved pursuant to s 121(9)(g) of the Family Law Act 1975 (Cth)

FAMILY COURT OF AUSTRALIA AT BRISBANE

FILE NUMBER: BRC10818/2007

MS PHILLIPS

Applicant

And

MR PHILLIPS

Respondent

REASONS FOR JUDGMENT

1. I have previously delivered determinations in this matter on 5 March 2008,

   
   

   12 June 2008, 8 December 2008 and 5 May 2009.

2. Those reasons adequately canvass the background to the current dispute.

3. The last orders of the 5 May 2009 (which replicate the orders made on

   
   

   8 December 2008) are in the following terms:

   “- -

   By 30 June 2009 the Wife is to file and serve full particulars as to what the Wife asserts was the nett value of the property pool at the time the consent orders were entered into and how such calculation is arrived at.  Such particulars to include:

   a.details of each item of property and the value of same which the Wife says should have been taken into account;

   b.to the extent the Wife asserts the value for an item of property is different to that set out in the consent orders and/or the Binding Financial Agreement the basis upon which the Wife says such value was not correct;

   c.details of each liability of the parties and/or company entities under their control as at the date of the consent orders and/or the date of the Binding Financial Agreement to the extent such liability differs…