Xiao and He

This matter concerned orders made by Le Poer Trench J regarding the division of property between the parties, identified as Xiao and He. The dispute involved the distribution of interests in several properties located in New South Wales, specifically the "H property," the "L property," and the "N property," as well as other assets and debts. The court was tasked with determining how these assets and liabilities should be allocated between the husband and wife.

The court was required to determine the specific terms for the transfer of the husband's interest in the H property to the wife, contingent on the husband receiving payment. It also needed to establish the process for the sale of the L and N properties, including the application of sale proceeds to cover costs, mortgages, and taxes. A central issue was the calculation of the husband's financial entitlement from the sale proceeds of the L and N properties, which involved a complex formula incorporating equity in the H property, net sale proceeds, other assets and debts, and the husband's interest in a China property. Furthermore, the court had to address the ongoing occupation and outgoings for the H, L, and N properties until the final distribution of funds.

Le Poer Trench J ordered that the husband's interest in the H property be transferred to the wife, subject to the existing mortgage, but this transfer was to be delayed until the husband received all monies due to him under the orders. The L and N properties were to be sold, with proceeds first applied to sale costs, mortgage discharge, and taxes. The calculation of the husband's entitlement involved a detailed balancing exercise of various asset values and debts, with a specific percentage of a calculated balance being allocated to him, from which a further sum was to be deducted. The remaining balance of the sale proceeds was to be paid to the wife. The court also made provisions for the wife to receive income and meet outgoings from the L and N properties until their sale, and for the husband to occupy the H property, meeting its outgoings except for the mortgage, until he received his entitlement.