PUNT & PUNT

This matter came before Justice Loughnan concerning the division of property between a husband and wife. The dispute involved the sale of two properties, the "G property" and the "K property," the management of associated mortgage loans, and the distribution of net proceeds. The court also addressed the husband's obligation to pay a specific sum to the wife, with alternative provisions for a hire car, and the wife's entitlement to a portion of the husband's superannuation.

The court was required to determine the terms and conditions for the sale of the G property and the K property, including timelines, minimum sale prices, and procedures for sale by private treaty or public auction. It also needed to decide the allocation of rental income and outgoings for each property pending their sale, and the application of loan repayments and sale proceeds. Further issues included the husband's obligation to pay a sum of money to the wife, with provisions for a hire car as security, and the division of the husband's superannuation interests.

Justice Loughnan ordered the sale of the G property within three months, with specific conditions regarding sale price and method, and directed the husband to manage its associated loan and receive rental income pending sale. Following the sale of the G property, the K property was to be sold under similar conditions, with the wife managing its associated loans and receiving rental income. The net proceeds from the K property sale were to be applied to specific loans, with the remaining balance distributed as 42.5% to the wife and the balance to the husband. The husband was also ordered to pay $86,298 to the wife, with provisions for the transfer and sale of hire car number plates as security for this payment. The court also made orders regarding the wife's entitlement to a portion of the husband's superannuation, with a base amount of $100,000, and declared each party the sole owner of their respective personal property. The Registrar was appointed to execute necessary documents, and leave was granted to restore the proceedings for matters relating to the form or implementation of the orders. The operation of the orders, with the exception of service on the superannuation trustee, was stayed for seven days.