Latest articles
UK Immigration Rough Sleeper Rule
Aaron Gates-Lincoln, Immigration NewsThe UK government has recently introduced a controversial new set of rules that aim to make rough sleeping grounds for refusal or cancellation of a migrant’s...
Teaching Hospitals NHS Trust v DV (A Child) [2021] EWHC 1037 (Fam)
(Family Division, Cohen J, 19 April 2021)Medical Treatment – 17-year-old had form of bone cancer and required surgery For comprehensive, judicially approved coverage of every important...
Domestic Abuse Bill
Aaron Gates-Lincoln, Immigration NewsAfter years of development the Domestic Abuse Bill returned to the House of Lords in the UK on the 8th March 2021 to complete its report stage, one of the final...
Coercive control and children’s welfare in Re H-N and Others
When families come to strife, arrangements must be made for the future care of any children. In some circumstances, this means an application to the courts. These ‘private law orders’ can...
Profession: Expert Witness
The value of a family business or business interest is treated as an asset and therefore part of the matrimonial pot to be distributed when it comes to negotiating a financial settlement on divorce or...
View all articles
Authors

Financially stricken fund manager tries to renegotiate divorce settlement

Sep 29, 2018, 17:24 PM
Slug : financially-stricken-fund-manager-tries-to-renegotiate-divorce-settlement
Meta Title :
Meta Keywords :
Canonical URL :
Trending Article : No
Prioritise In Trending Articles : No
Date : Mar 12, 2009, 04:03 AM
Article ID : 89839

A former City fund manager applied to the Court of Appeal yesterday to renegotiate his £9.5 million divorce settlement saying he can no longer afford the payout as a result of the current economic crisis.

The crisis in the financial markets has driven down the value of Bryan Myerson shares in Principle Capital Holdings, where Mr Myerson worked as a fund manager. If successful, the case could lead the way for many more such applications from recession-hit former spouses.

According to Mr Myerson, his former wife, Ingrid, was awarded 43 per cent of the couple's £25.8 million fortune when the divorce settlement was agreed in February last year.

But since February the share price in Mr Myerson's investment company Principle Capital Holding has plummeted from around £2.95 a share to just 27.5p today. According to his lawyers, this leaves Mr Myerson in the position where he is now worth minus £500,000, taking into account his debts and mortgages, instead of receiving £14.6 million from the total assets. As a result, he would have to borrow money to pay his ex-wife if the settlement is upheld.

Mr Myerson has already paid his wife £7million but wants to opt out of the final instalment of £2.5million. He also wants to claw back the house in the couples native South Africa which he is yet to transfer into her name.

However, Mrs Myerson's lawyer, Nicholas Mostyn QC warned that if the appeal succeeds it will cause 'an explosion of litigation with which the courts can ill afford to have to deal with'.

The case was adjourned with judgment deferred for 10 days.

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