‘Struggling’ ex-millionaire disputes divorce award
13th May 2010 by: Deborah Jeff
A property entrepreneur and racecourse owner who claims his multi-million pound fortune was washed away by the recession has appealed his ex-wife’s £600,000 divorce settlement.
Before claiming financial ruin, John Livock owned a string of successful racehorses as well as a property empire worth close to £8m. But "a series of reverses" has left him “virtually penniless” and he is now challenging his wife of three years, Lucy Crawford, through London’s Court of Appeal.
Martin Pointer QC, acting on Mr Livock’s behalf, claims the credit crunch was so damaging that Ms Crawford should get no divorce settlement, arguing that the original figure “over-estimated” the millionaire’s true value.
“In the early part of the parties' relationship, Mr Livock's property enterprises generated good gains and income; and so provided the parties with a high standard of living. But the recession and, in particular, the rapid decline in the value of commercial property, has hit Mr Livock hard,” claims Mr Pointer.
“It is not the law that a wife is entitled to share in the profits or gains that are achieved by her husband, but not suffer the losses. It seems that Mrs Livock has found this commercial reality difficult to accept.”
Since their divorce, Ms Crawford has built a successful London career, earning more than £240,000 in 2009 with an international investment firm. As a result, her former husband has called for the courts to reduce her award to zero.
This week, the Court of Appeal granted Mr Livock leave to challenge his ex-wife’s award after hearing that the downturn in the property market had sent the value of his assets plummeting. The full hearing will take place at a later date.
Before claiming financial ruin, John Livock owned a string of successful racehorses as well as a property empire worth close to £8m. But "a series of reverses" has left him “virtually penniless” and he is now challenging his wife of three years, Lucy Crawford, through London’s Court of Appeal.
Martin Pointer QC, acting on Mr Livock’s behalf, claims the credit crunch was so damaging that Ms Crawford should get no divorce settlement, arguing that the original figure “over-estimated” the millionaire’s true value.
“In the early part of the parties' relationship, Mr Livock's property enterprises generated good gains and income; and so provided the parties with a high standard of living. But the recession and, in particular, the rapid decline in the value of commercial property, has hit Mr Livock hard,” claims Mr Pointer.
“It is not the law that a wife is entitled to share in the profits or gains that are achieved by her husband, but not suffer the losses. It seems that Mrs Livock has found this commercial reality difficult to accept.”
Since their divorce, Ms Crawford has built a successful London career, earning more than £240,000 in 2009 with an international investment firm. As a result, her former husband has called for the courts to reduce her award to zero.
This week, the Court of Appeal granted Mr Livock leave to challenge his ex-wife’s award after hearing that the downturn in the property market had sent the value of his assets plummeting. The full hearing will take place at a later date.
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