Vetsch and Yosufai & Ors (No 2)

In the matter of *Vetsch and Yosufai & Ors (No 2)*, Forrest J of the Federal Circuit Court of Australia considered applications concerning the interim preservation and management of various real properties and the proceeds of their sale. The dispute involved the applicant, the respondents (Mr. Yosufai and Ms. F), and interveners, with a central focus on properties held by Z Pty Ltd, a company acting as trustee for a Self-Managed Superannuation Fund. The court's previous orders had sought to preserve the occupation of certain properties and appointed a solicitor as trustee for sale, with the aim of negotiating with banks to prevent them from exercising their powers of sale.

The court was required to determine whether to continue the appointment of the solicitor as Trustee for Sale for two specific properties, despite the potential exercise of pre-existing rights of sale by the National Australia Bank. Furthermore, the court needed to decide on the appropriate interim measures to secure the net proceeds of sale from several properties, which were subject to powers of sale by the National Australia Bank and the Commonwealth Bank of Australia, pending the final determination of property adjustment orders. The court also considered the need to restrain the respondent husband and his daughter from dealing with certain properties and to obtain financial information pertaining to their Self-Managed Superannuation Fund.

Forrest J reasoned that the continued appointment of the solicitor as Trustee for Sale was necessary to recover the value of the assets of the Self-Managed Superannuation Fund and convert them into cash, to be held pending further order. The court granted an injunction restraining Mr. Yosufai and Ms. F, in their capacities as directors of Z Pty Ltd, from taking steps to transfer, sell, or further encumber the two specified properties. The court also ordered Mr. Yosufai and Ms. F to provide the solicitor with the Self-Managed Superannuation Fund's books of account and details of its accountants and auditors. Crucially, the court ordered that all net proceeds from the sale of properties by the National Australia Bank and the Commonwealth Bank of Australia, after the discharge of mortgages and sale costs, were to be paid into the solicitor's trust account, to be held as trustee for the parties or the Self-Managed Superannuation Fund.

The court further ordered that the solicitor liaise with the banks' solicitors regarding the receipt of these funds. The matter was listed for further mention, with liberty for parties to seek earlier relisting if necessary. In addition, the First Intervener was granted sole parental responsibility for a child for the specific purpose of renewing the child's Australian Passport without the father's consent.