This case involved a long marriage with 3 children.  At the time of settlement the assets were £25m.  The settlement reached provided the husband with 57% of the assets (including the shareholding in the business of which he was Executive Chair) and 43% to wife who received property and cash.  The lump sum due to wife was to be paid by instalments, £7m payable in April 2008 and four further equal instalments of £625,000 each year.

Subsequently, the husband’s shares in the business had plummeted in value from £2,99 to 27.5p per share.  Husband argued that the fall in the shares and collapse of global credit markets undermined the fundamental basis upon which the original settlement was agreed and approved such that the settlement should be set aside.

The husband had paid to the wife the first instalment of the lump sum in April 2008.  due to her of £7m.  A further £2.5m was due to be paid to her by further instalments over the next 4 years.

The Court of Appeal rejected the husband’s appeal to set aside the settlement.

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