Our family lawyers acted for a Wife in financial remedy proceedings. A jointly appointed expert accountant had been instructed to value the Husband and the Wife’s respective business interests. The expert produced a report which valued the Husband’s business interest in the region of £27m. The Husband rejected this valuation and applied to the court to rely on a report produced by a different expert who valued the Husband’s business at approximately £18m.

The family team, on behalf of the Wife, strongly resisted the Husband’s application, and made considered and practical submissions to the court as to why the Husband should not be granted permission to rely on the report he had obtained.

Notwithstanding the fact that the difference in value between the assets was a significant percentage of the overall assets (which were £78-£105m), the court were persuaded by the arguments put forward on behalf of the Wife and the Husband’s application was refused.

In line with recommendations made by our family solicitors and Counsel for the Wife, the court considered that a more proportionate approach was required. The court directed that additional information that had been sent to the Husband’s expert should also be provided to the jointly appointed expert, who could then consider whether it changed her view on her valuation of the business.