Polson & Polson & Anor

This matter came before Johnston J of the Family Court of Australia concerning the distribution of assets and liabilities between the husband, the wife, and Mr J Polson. The dispute involved the division of controlled monies held in a solicitor's trust account, specific monetary payments to be made between the parties, the transfer of interests in a property, and the future of a company, E Pty Limited. The court was required to make orders to finalise these financial arrangements.

The court was tasked with determining the precise allocation of controlled monies, the quantum of payments to be made by Mr J Polson to the husband and wife, and the conditions under which a property at F Street would be transferred to Mr J Polson. Further issues included the procedure for the sale of Property F in the event of Mr J Polson's default, the distribution of proceeds from such a sale, and the retention of other assets and liabilities by each party. The court also had to address the husband's resignation as a director of E Pty Limited, the transfer of his shareholding in the company to Mr J Polson, and the subsequent liquidation of the company. Finally, the court needed to make provision for the removal of a caveat from Property F and the retrieval of personal items from another property.

Johnston J ordered that controlled monies be paid to the wife and husband in equal shares, with the balance to be used for capital gains tax on behalf of E Pty Limited, and any surplus distributed equally among the husband, wife, and Mr J Polson. Mr J Polson was ordered to pay substantial sums to both the wife and the husband within 60 days. Upon these payments, the husband was to transfer his interest in Property F to Mr J Polson. In default of Mr J Polson's payment obligations, he was to be appointed trustee for sale of Property F, with specific directions regarding the appointment of an agent and solicitor, and the conduct of the sale. The net proceeds of sale were to be distributed first to cover sale expenses and property outgoings, with the balance allocated to the wife (18.032%), the husband (20.988%), and the remainder to Mr J Polson. The orders also stipulated that each party would retain their other assets and liabilities, with specific provisions for the husband's resignation as director of E Pty Limited, the transfer of his shareholding in the company to Mr J Polson, and the subsequent liquidation of the company. The wife was to remove a caveat from Property F upon payment, and the husband was to allow access for the wife to collect her personal items. A Registrar of the Family Court was appointed to execute documents in case of default, and the orders were to commence operation on 10 October 2012, with leave granted for parties to relist for specific purposes.