VERNOVA & VERNOV

This matter concerned orders made by Loughnan J concerning the division of property between a husband and wife. The primary dispute revolved around the sale and distribution of proceeds from two properties: one located in New South Wales (the "F property") and another in Queensland (the "P property"). The orders also addressed the discharge of mortgages and the transfer of ownership of these properties.

The court was required to determine the specific terms and conditions for the sale of both the F property and the P property, including the method of sale (private treaty or auction), the setting of listing prices and reserves, the appointment of agents, and the timeline for these processes. Furthermore, the court had to establish the priority of payments from the proceeds of sale for each property, detailing how mortgage discharges, commissions, legal costs, and the remaining balances would be distributed between the husband and wife. The court also needed to address the discharge of a specific mortgage on the P property by the wife and the subsequent transfer of that property, as well as the consequences if the wife was unable to discharge the mortgage within the stipulated timeframe.

Loughnan J's reasoning, as reflected in the orders, established a detailed framework for the disposition of the properties. For the F property, the court mandated a sale by private treaty within 21 days, with provisions for agreeing on a listing price and agent, or otherwise having these determined by nominees of the Australian Property Institute. If not sold within three months, it was to be sold by public auction. The proceeds were to be applied first to the Commonwealth Bank mortgage, then agent's commission and legal costs, with 41.4% of the remainder to the husband and the balance to the wife. For the P property, the wife was given 28 days to discharge the Commonwealth Bank mortgage, after which it would be transferred to her sole name. If she could not discharge the mortgage, the P property was to be sold by private treaty under similar conditions to the F property, with a fallback to auction if necessary. The proceeds from the P property sale were to be applied to the mortgage, commission, and legal costs, with a specific amount ($107,901.15) and then 52.5% of any remaining balance going to the wife, and the ultimate balance to the husband. The orders also declared each party the sole legal and beneficial owner of property in their possession, appointed a Registrar to execute documents if a party refused to comply, and provided for service of the orders on M Vernov. Leave was granted for parties and M Vernov to apply regarding the implementation of the orders.