Rushdie and Mohsin

This matter came before Henderson J concerning a dispute between the applicant and the respondent regarding the winding up of their joint venture, partnership, and jointly owned company. The proceedings also addressed the division of assets and liabilities between the parties, including their jointly owned property and personalty.

The court was required to determine the terms for the dissolution of the parties' business and personal relationships, including the distribution of funds held in trust, the allocation of costs associated with an aborted hearing, and the disposition of furniture and personalty at a shared residence. Further issues included the transfer of interests in a property located at G Street, Suburb H, and the respective financial obligations of the parties in relation to this property and other jointly held assets and liabilities.

Henderson J ordered that a sum of $100,000 be retained in trust pending the finalisation of the joint venture and partnership winding up. The applicant was ordered to pay the respondent's costs for the aborted hearing in September 2018, with $50,000 of the applicant's share of remaining trust monies to be retained for this purpose, granting the respondent a lien over the applicant's entitlement to property. The parties were directed to take all necessary steps to wind up their joint venture, partnership, and jointly owned company, with associated costs to be paid equally from the trust funds. The remaining trust funds were to be distributed 60% to the applicant and the balance to the respondent. Specific orders were made regarding the disposition of furniture and personalty at the home, with options for the applicant or respondent to retain it, or for it to be sold, with associated payments to be made between the parties. The court also ordered the applicant to pay the respondent $388,076 in exchange for the respondent's interest in the G Street property, with the applicant to discharge the existing mortgage. Alternative provisions were made for the respondent to purchase the applicant's interest in the property if the applicant could not complete the transaction, or for the property to be sold by private treaty, with proceeds to be disbursed after mortgage and sale costs, and the net proceeds divided 60% to the applicant and the balance to the respondent. Finally, the parties were to retain all remaining assets and liabilities in their own names.