Sully & Sully (No 2)

[2016] FamCA 706

FAMILY COURT OF AUSTRALIA

SULLY & SULLY (NO. 2) [2016] FamCA 706

FAMILY LAW – PROPERTY – INTERIM PROCEEDINGS – Where the outstanding issue for determination was whether or not the wife should receive an interim property settlement of $10 million dollars in order to purchase a new home –Where the Court is not satisfied as to the taxation and commercial consequences of the husband extracting $10 million dollars from his company – Where the only other matrimonial asset available to satisfy such a settlement is the former matrimonial home – Where the Court finds it not to be just and equitable for there to be a sale of the former matrimonial home at this stage in the proceedings – Where the future parenting arrangements for the parties’ four children are not clear – Application dismissed.

Family Law Act 1975 (Cth) s 79

Strahan & Strahan (Interim Property Orders) (2011) FLC 93-466

APPLICANT:

Ms Sully

RESPONDENT: Mr Sully

FILE NUMBER: MLC 2232 of 2016

DATE DELIVERED: 25 August 2016

PLACE DELIVERED: Sydney

PLACE HEARD: Melbourne

JUDGMENT OF: Justice Stevenson

HEARING DATE: 3 August 2016

REPRESENTATION

COUNSEL FOR THE APPLICANT: Mr North SC and
Ms Vohra

SOLICITOR FOR THE APPLICANT: Taussig Cherrie Fildes

COUNSEL FOR THE RESPONDENT: Mr Strum QC and
Mr Puckey

SOLICITOR FOR THE RESPONDENT: Kennedy Partners

Orders

1. Paragraph 3 of the wife’s Application in a Case filed on 20 May 2016 is dismissed.

Note: The form of the order is subject to the entry of the order in the Court’s records.

IT IS NOTED that publication of this judgment by this Court under the pseudonym Sully & Sully has been approved by the Chief Justice pursuant to s 121(9)(g) of the Family Law Act 1975 (Cth).

Note: This copy of the Court’s Reasons for Judgment may be subject to review to remedy minor typographical or grammatical errors (r 17.02A(b) of the Family Law Rules 2004 (Cth)), or to record a variation to the order pursuant to r 17.02 Family Law Rules 2004 (Cth).

FAMILY COURT OF AUSTRALIA AT SYDNEY

FILE NUMBER: MLC 2232  of 2016

Ms Sully

Applicant

And

Mr Sully

Respondent

REASONS FOR JUDGMENT

The proceedings

1. By an Application in a Case filed on 20 May 2016 the wife,

   
   

   Mrs Sully, sought the following orders:

   Spousal Maintenance

   1.The husband pay to the wife, by way of spousal maintenance, the sum of four thousand five hundred and fifty dollars ($4,550) on the day of these Orders, and weekly thereafter, such sum not to be taxable in the wife’s hands.

   Litigation Funding

   2.On or before the expiration of seven (7) days, the husband pay into the Taussig Cherrie Fildes Lawyers Practice Trust Account on trust for the wife, by way of partial property settlement, the sum of
   five-hundred thousand dollars ($500,000).

   Partial Property Settlement

   3.On or before the expiration of seven (7) days, the husband pay to the wife, by way of partial property settlement, the sum of
   ten million dollars ($10,000,000).

   Tax Payment

   4.Upon the wife providing to…