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ARTICLE · 26 APRIL 2012

Shareholders’ Agreement Varied By High Court Judge In Divorce Case

Wedlake Bell LLP
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With legal costs of £2.4 million at the time of trial, Mr and Mrs F each wanted to vary the terms of a shareholders’ agreement which effectively made it impossible for their company to continue in its restricted form, following divorce.

United KingdomFamily and Matrimonial

With legal costs of £2.4 million at the time of trial, Mr and Mrs F each wanted to vary the terms of a shareholders' agreement which effectively made it impossible for their company to continue in its restricted form, following divorce. The judge did not just vary the agreement, she rescinded it so the couple could have a clean break settlement by dividing all the assets. The husband had made almost all of the money pre-marriage (it was his 3rd marriage, he was 81 at the time of the court hearing) and the wife received 36% of the assets. This case emphasises the need for divorcing clients to use law firms with family law, private client, company and commercial expertise all under the same roof.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

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