Prosser and Prosser and Anor (No 2)

This matter concerned an application before Baumann J in the Supreme Court of Queensland, brought by the Applicant and Second Respondent against the First Respondent. The dispute revolved around the sale of a property, the "Suburb G unit," and the distribution of proceeds. The core of the disagreement appears to stem from a payment of $75,000 owed to the First Respondent, which was to be secured by a caveat over the property.

The court was required to determine the terms and conditions under which the Suburb G unit would be sold, and how the proceeds of that sale would be disbursed. This included establishing a timeline and process for sale, whether by private treaty or auction, and specifying the conditions under which the sale would proceed. Furthermore, the court needed to address the outstanding payment of $75,000 to the First Respondent and the ongoing effect of an injunction pending this payment.

Baumann J ordered that within 90 days, the Applicant and/or Second Respondent must pay $75,000 to the First Respondent, contemporaneously with the First Respondent withdrawing a caveat registered over the property. If this payment was not made, the property was to be listed for sale by private treaty, with specific provisions for agent appointment, list price, and advertising. Should a contract not be entered into within six months, the property was to be auctioned, with further provisions for auctioneer, reserve price, and sale to the highest bidder if the reserve was not met. The court also detailed a process of repeated private treaty sales and auctions, with a progressive reduction in listing price, until the property was sold or the parties agreed to a buyout. Upon sale, proceeds were to be applied first to agent and conveyancer fees, then to discharge any secured indebtedness, followed by the $75,000 payment to the First Respondent with interest, and finally, the balance to the Second Respondent. An injunction previously made was to remain in force until the $75,000 payment was made, with an exception allowing the Second Respondent to negotiate loan documents secured over the property. Otherwise, parties were to retain exclusive possession of their existing assets, and indemnify each other for debts in their respective names.