VILNER & VILNER

In *Vilner & Vilner*, the husband sought the court's permission to assign a property development option to a third party, while the wife sought that the proceeds of sale be held in a trust account. The dispute concerned the terms under which this assignment could proceed.

The central legal issue before Stevenson J was whether to grant the husband leave to assign the option to a third party for a consideration of not less than $850,000, and to order that the proceeds of such sale be deposited into a specific trust account.

Stevenson J reasoned that the husband, in his capacity as the sole shareholder and director of L Pty Ltd, should be permitted to assign the option. This permission was granted subject to the condition that the consideration received for the assignment be no less than $850,000, as contemplated by the Joint Venture Deed dated 30 October 2018. Furthermore, the court ordered that the husband take all necessary steps to ensure that any proceeds arising from this assignment be deposited directly into the trust account of C Lawyers.