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Tycoon ordered to pay multi-million pound sum to estranged wife (4 December 2013)

Date: 04/12/2013
Duncan Lewis, Legal News Solicitors, Tycoon ordered to pay multi-million pound sum to estranged wife

A tycoon has been ordered to pay a £20 million divorce settlement despite claiming that he is bankrupt after a judge ruled that he had gone to great lengths to “hide” his wealth from the court.

Scot Young, 51, previously claimed that he had debts amounting to £28 million following the “implosion” of his business empire seven years ago but Mr Justice Moor said he must pay Michelle Young a multi-million pound sum before the end of year, as he believed he was still worth £45 million.

Mrs Young, 49, claimed that the decision was a “disgrace” as she wanted £300 million because she thought her former husband was “worth billions.” She revealed that she was planning an appeal and vowed to continue the saga, which has already lasted over six years and featured 65 separate court hearings.

During the case, the court heard that Mr Young had continued to live the life he had grown accustomed to despite being declared bankrupt in 2010. Mr Justice Moor said that such evidence had led him to believe that the tycoon was not a “penniless man.”

“The evidence also strongly suggests that he is still involved in business. I would be surprised if he was not,” Mr Justice Moor said. “He continues to live in central London in an expensive flat paid for by a 'friend'. He has wads of cash in his possession.”

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