The impact bankruptcy and divorce proceedings have on one another has been subject to a number of cases in both the bankruptcy and family courts. Unfortunately, it is not uncommon for bankruptcy proceedings to be in existence while divorce proceedings are ongoing and concurrent proceedings can create conflict when it comes to the division of assets and the knock-on effect for the divorce proceedings.
In addition, there are instances of bankruptcy proceedings being commenced with the dominant intention of frustrating the divorce proceedings. The three main issues for bankruptcy proceedings and the effect they can have on financial remedy (formerly ancillary relief) applications are:
what is the general position of each court when there are concurrent bankruptcy and divorce proceedings?
what powers does the court have to set aside bankruptcy proceedings if they were commenced to defeat the divorce proceedings?
can the bankruptcy court unwind financial remedy orders (including property adjustment orders)?
If a bankruptcy petition is presented, or a bankruptcy order is made, before the family
To view the latest version of this document and thousands of others like it, sign-in with LexisNexis or register for a free trial.
**Trials are provided to all LexisNexis content, excluding Practice Compliance, Practice Management and Risk and Compliance, subscription packages are tailored to your specific needs. To discuss trialling these LexisNexis services please email customer service via our online form. Free trials are only available to individuals based in the UK, Ireland and selected UK overseas territories and Caribbean countries. We may terminate this trial at any time or decide not to give a trial, for any reason. Trial includes one question to LexisAsk during the length of the trial.
Restructuring & Insolvency analysis: In this case, the court granted an urgent creditors’ application (the administration application) for the...
Restructuring & Insolvency analysis: The High Court refused to set aside a statutory demand founded on an unpaid costs order, holding that no...
R3, the UK trade association for restructuring, turnaround and insolvency, has appointed Sonia Jordan as its President for a 12-month term, succeeding...
This week's edition of Restructuring & Insolvency weekly highlights includes: an analysis of an application for directions approving a scheme for...
Challenging an individual voluntary arrangement (IVA)Grounds to challenge an individual voluntary arrangementAn application can be made to challenge the approval of an individual voluntary arrangement (IVA) on one or both of two grounds:•that the creditors’ decision approving the IVA unfairly
What is the difference between an appeal and a review?What is an appeal?An appeal in insolvency proceedings is no different to an appeal in normal litigation. An appeal will be allowed only if the appeal court is satisfied that the decision of the lower court was 'wrong' or 'unjust because of a
If a rentcharge is shown as being informally exonerated on title information, does this apply to the current registered owner? Or does the informal exoneration only apply to the parties to the document which informally exonerated the rentcharge?This Q&A considers the situation where, at some
Late payment penalties—inheritance taxWhile interest often accrues on overdue tax, the late payment of certain taxes may also attract a penalty. For information on the interest accruing on overdue tax, see Practice Notes: IHT—payment deadlines on death—Interest on IHT and Interest on late paid
0330 161 1234