Hi Greg,
If the court has ordered that (A+B) transfer to B, then this transfer may be completed in PEXA (however the issue below will arise). Both A+B need to be represented and a non monetary transfer citing Court Order specified. NSW LRS require no evidence of the Court Order. Also, the signatory for your firm will be signing on behalf of A + B under a CAF. the signatory for your firm will not be signing on behalf of the court.
This transaction (despite the issue below) could be performed in PEXA today, provided you speak with SRO and they allow it through. SRO NSW are most helpful and co-operative regarding the issue below.
To clarify the issue we have at present (which will be rectified in Feb 2019 (R9.10):
The issue with the Transfer from (A+B) to B would present itself in a single transfer Workspace also. The problem is, due to a misalignment between PEXA and the NSW OSR and arises ONLY when a Party on title is receiving in addition to their current holding. (A+B) transfer to B (B on title having 1/2 and following transfer has 1/1 however they received in this transfer only 1/2)
In NSW, EDR expects PEXA to perform the arithmetic and send only the fraction received.
In other jurisdictions, the OSR expects that PEXA will send the share fraction to be recorded on title and the OSR will perform the arithmetic to calculate the share fraction received, in this case subtracting the share fraction received by B from B's original holding.
Until we rectify this issue in Feb 2019, PEXA will advise NSW OSR that B is receiving 1/1 and not 1/2 in this example.
Please let me @GeorgePolus know if you have more questions.
Regards
George
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