Divorcing a bankrupt, Part II: where insolvency law meets financial remedies
28th June 2013
Henry Clayton of 4 Paper Buildings outlines the consequences where a party to financial remedy proceedings becomes bankrupt after the making of a final order.
This is the sequel to my article “Divorcing a bankrupt: where insolvency law meets ancillary relief” published by Family Law Week. That article focused on what happens where a party becomes bankrupt during proceedings and covered the following:
• How bankruptcy works;
• What financial remedies can be ordered against a bankrupt;
• Grounds for setting aside a bankruptcy order.
This article addresses what happens if the party who is to pay money or transfer property becomes bankrupt after the making of a final order. It will cover:
• Bankruptcy between final order and implementation;
• Applications by the trustee in bankruptcy to set aside the final ancillary relief order;
• The impact on deferred interests in property of a bankruptcy arising subsequent to an ancillary relief order
To read the full article click here