Do you have a matter in Court and the Judge has ordered a Single Expert Report? Not sure what this is?
What is a Single Expert Report?
If you are trying to sort out the division of assets with your ex-partner, sometimes disputes arise about what certain assets are worth. Rather than each person paying for their own valuation, you can jointly appoint one expert to value the asset.
If you are already involved in Court proceedings and there is a dispute about the value of an asset, the Court will almost always order that a “single expert” be appointed. That person then prepares a “single expert report” outlining what the asset in dispute is worth.
Valuations can be done on properties, blocks of land, businesses, artwork, equipment, significant jewellery, cars, furniture, or just about anything the value of which is not agreed.
Strict rules apply about how the single expert is instructed and how the expert discloses his/her report. The rules outline things like how each person communicates with a single expert, and who is liable to pay the expert’s fees.
When a single expert is appointed, the expert must be provided with a copy of the relevant rules so he/she is well aware of his/her obligations.
If the matter does not settle before a final trial, there are also particular rules about what expert evidence can be relied upon. Generally, once a single expert report has been prepared about the value of a certain asset, someone else can’t go and get another valuation and try to rely on that at a final trial. This may be allowed in very limited circumstances but you need permission of the court first.
Want more information?
You can phone us on 07 4031 1044, email us at info@rdlawcairns.com.au or contact us here.
