Taunton and Fiore

Cleary J made orders concerning the financial and property settlement between a husband and wife. The dispute involved the division of a jointly owned property, a company shareholding, and various financial liabilities and indemnities.

The court was required to determine the terms of the property settlement, including the payment of a principal sum by the husband to the wife, the transfer of a jointly owned property, and the refinancing of a mortgage. Further issues included the procedure for the sale of the property if the husband failed to comply with payment orders, the distribution of sale proceeds, and the husband's sole right to occupy the property pending sale. The court also addressed the transfer of the wife's shareholding in a company to the husband, and the extent of the husband's indemnities to the wife concerning company debts, personal guarantees, and tax liabilities.

Cleary J ordered the husband to pay a principal sum to the wife's solicitor within 42 days, and contemporaneously, the wife was to transfer her interest in the real property to the husband, who was to refinance any mortgage. In the event of the husband's default in payment, the real property was to be sold by private treaty, with specific provisions for listing, valuation, and sale price determination. If private treaty failed within six months, the property was to be sold by public auction. The proceeds of sale were to be applied first to sale costs, then to discharge mortgages and rates, then to repay any work costs, with the balance to be paid to the wife's solicitor for the principal sum and interest, and any remainder to the husband. The husband was granted sole occupation of the property pending sale, with obligations to pay mortgage instalments, rates, and outgoings. The wife was to transfer her company shareholding to the husband, and resign as director and/or secretary, with the husband to indemnify her against various liabilities related to the company and personal guarantees. The husband was also to indemnify the wife for future tax liabilities arising from his entities or transactions pursuant to the orders. Other property, including superannuation and chattels, was to remain with the party in possession. A Registrar was appointed to execute documents in the event of default.