Spotlight
Family Court Practice, The
Order the 2021 edition due out in May
Court of Protection Practice 2021
'Court of Protection Practice goes from strength to strength, having...
Jackson's Matrimonial Finance Tenth Edition
Jackson's Matrimonial Finance is an authoritative specialist text...
Spotlight
Latest articles
Re R (Children) (Control of Court Documents) [2021] EWCA Civ 162
(Court of Appeal (Civil Division), King, Peter Jackson, Elisabeth Laing LJJ, 12 February 2021)Practice and Procedure – Disclosure of court documents – Sexual abuse findings –...
AG v VD [2021] EWFC 9
(Family Court, Cohen J, 04 February 2021) Financial Remedies – Matrimonial and Family Proceedings Act 1984, Part III – Russian divorceThe wife was awarded just under £6m...
Become the new General Editor of The Family Court Practice, the definitive word on family law and procedure
The Family Court Practice (‘The Red Book’) is widely acknowledged as the leading court reference work for all family practitioners and the judiciary. We are currently recruiting a...
SCTS releases new simplified divorce and dissolution forms for Scotland
The Scottish Courts and Tribunals Service (SCTS) has released new simplified divorce and dissolution forms of application. As a result of legislation repealing Council Regulation EC 2201/2003, the...
Welsh Government launches consultation on amendments to adoption regulations
The Welsh Government has launched a consultation on the proposed amendments to the Adoption Agencies (Wales) Regulations 2005 and the Care Planning, Placement and Case Review (Wales) Regulations 2015....
View all articles
Authors

Divorce and Recession Part 2: Creditors, Competitors and Bankruptcy

Sep 29, 2018, 17:20 PM
Slug : divorce-and-recession-part-2-creditors-competitors-and-bankruptcy
Meta Title :
Meta Keywords :
Canonical URL :
Trending Article : No
Prioritise In Trending Articles : No
Date : Jun 2, 2009, 11:23 AM
Article ID : 85911

Simon Calhaem, Barrister, 29 Bedford Row

Part 2 of this article assesses the impact of creditors on the ancillary relief process. To update Part I, published in April [2008] Fam Law 301, in the recent decision of Myerson v Myerson (No 2) [2009] EWCA Civ 282, [2009] 2 FLR (forthcoming), the Court of Appeal refused the husband's application to appeal a consent order on a Barder basis as a result of 'the husband's fortune [having] been hit by the earthquake of the global financial crisis'. The decision is based on the following grounds:

(a) the circumstances were a change in asset values will justify a Barder appeal are 'very few and far between';
(b) the order was made by consent;
(c) the consent order was in part speculative (of the husband's own assessment of asset values);
(d) the value of his shares may still go up;
(e) (and most importantly) because the payment of the lump sum was spread over 5 instalments the husband had power to vary the quantum of the unpaid lump sums (see Part I - Asset protection: drafting).

Thorpe LJ held that '... the natural processes of price fluctuation, whether in houses, shares, or any other property, and however dramatic, do not satisfy the Barder test.' Guidance for practitioners comes from point (e) above. Where there are uncertainties as to liquidity, the capital order should often be phrased as a lump sum by instalments, in order to permit a variation application in the event of economic collapse.

To read the rest of this article, see June [2009] Family Law journal.

To log on to Family Law Online or to request a free trial click here.

Categories :
  • Articles
Tags :
Authors
Provider :
Product Bucket :
Recommend These Products
Related Articles
Load more comments
Comment by from