The following Restructuring & Insolvency guidance note Produced in partnership with Melania Constable and James Riby of Charles Russell Speechlys LLP provides comprehensive and up to date legal information covering:
It is not uncommon for bankruptcy practitioners to encounter concurrent bankruptcy and matrimonial proceedings. In some instances, the bankruptcy proceedings may have been instigated by one spouse with the intention of defeating the other's financial claims upon divorce.
The Matrimonial Causes Act 1973 (MCA 1973) governs the divorce process in England and Wales. If divorce proceedings are pending, the MCA 1973 also governs the division of the parties’ assets and incomes upon the divorce.
The court has a wide discretion when determining whether and how a couple's assets and incomes are to be divided and it can make a wide variety of orders to do this, including:
an order for ‘periodical payments’ to be made by a party to the other and/or for any children of the family. Such payments can be secured by assets. Periodical payments orders are often called ‘maintenance orders’ but practitioners should note that since the introduction of the EU Maintenance Regulation Council Regulation (EC) No 4/2009 on jurisdiction, applicable law, recognition and enforcement of decisions and cooperation in matters relating to maintenance obligations) in 2011, a ‘maintenance order’ can refer to any order made under the MCA 1973 which is intended by the court to meet a person’s capital and/or income needs
an order for one or more ‘lump sums’ to be paid by
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