Wilson and Westcott

The case of *Wilson and Westcott* concerned an application by the husband, filed on 18 September 2013, which was ultimately dismissed by Berman J. The dispute involved the valuation of the wife's business interests, specifically her shareholding in "D Pty Ltd" and any other businesses in which she held a director or shareholder capacity. The court also addressed the valuation of stock held by "H Pty Ltd" and the discovery of financial documents related to both parties' shareholdings and transactions.

The primary legal issues before the court were the appropriate method for valuing the wife's business interests and her stock in "H Pty Ltd," and the extent of financial disclosure required from both parties. This included determining whether an independent valuation of the wife's stock was necessary and the terms upon which such a valuation should be conducted, as well as the scope of discovery concerning the husband's public company shareholdings and the wife's financial records. The court also considered the potential capital gains tax implications related to the J Town property.

Berman J ordered that the husband's application be dismissed. The court directed the parties to instruct an accountant to update a previous valuation report of the wife's business interests, with provisions for the wife to provide financial records and for either party to make submissions. Crucially, the parties were also ordered to jointly engage a single expert to assess the current market value of the wife's stock in "H Pty Ltd," with the husband having the option, at his own expense, to request an historical valuation. Furthermore, both parties were ordered to provide specific discovery of documents relating to their respective shareholdings and financial dealings within fourteen days. The court also allowed for the appointment of separate accountants to report on potential capital gains tax liabilities concerning the J Town property, and reserved the costs of the application.