Mary and John recently attended a lecture given by Barristers Nicholas Anderson and Victoria Green, both members of 1 King’s Bench Walk London, on “The Credit Crunch and Bankruptcy”. This was a useful guide to the changes arising from the current financial climate in the way in which financial settlements in divorce proceedings are currently conducted. There seems to be a trend in favour of both parties retaining an interest in the matrimonial home to be released at a later date; clean breaks are more difficult to achieve; it is becoming more common to have to enforce orders where there is a reluctance to satisfy the terms of an order.
There are also increasing problems with parties to divorce proceedings becoming bankrupt and the consequences for the other spouse and the family were considered. Also considered was the relationship of the other spouse with the trustee in bankruptcy and an analysis of the very limited steps which could be taken to protect that spouse.
Mary and John felt that the information given by the barristers corresponded closely with their own experiences of this and indeed of previous recessions.
