Solare and Hearst

In the matter of *Solare and Hearst*, the wife was ordered to pay the husband a sum of $35,139.00 by a specified date. Upon compliance with this payment, the husband was to transfer his interest in a "fishing licence package" to the wife. Should the wife fail to make the payment, the parties were to appoint ship brokers to sell the fishing licence package. The proceeds of this sale were to be applied first to the costs of sale, then 30% of the balance to the husband, and the remainder to the wife.

The court was required to determine the beneficial ownership of certain assets, specifically a "fishing licence package" and other personalty, including superannuation entitlements. The court also had to establish the consequences of the wife's failure to meet the financial obligation to the husband concerning the fishing licence package.

Justice Rose reasoned that subject to the orders made, each party was to be the sole beneficial owner of personalty in their possession. Crucially, the court declared that a second respondent held a one-third interest in the fishing licence package. The court's orders provided a mechanism for the transfer of the fishing licence package to the wife upon payment, or for its sale and distribution of proceeds if payment was not made.