Billionaire Barclay brother too broke to pay £100m divorce bill
Lawyers for Sir Frederick Barclay, the former owner of the Ritz, say he is too poor to pay his divorce settlement and had been “evicted” from his flat.
Two years ago the Barclay brothers were estimated to be worth £7bn and were living in a mock-gothic castle on the private Channel Island of Brecqhou. Sir David Barclay died last year as the pair sold the Ritz hotel for £800m.
Now Frederick’s lawyers are claiming quite the reversal of fortune. A High Court hearing yesterday heard that he had failed to pay any of the £100m he owes from his divorce order made almost a year ago. His lawyers said that he had insufficient funds, his nephews were having to support him financially, and that his family were paying part of his £500,000 legal fees.
Lawyers for Sir Frederick Barclay, the former owner of the Ritz, say he is too poor to pay his divorce settlement and had been “evicted” from his flat.
Two years ago the Barclay brothers were estimated to be worth £7bn and were living in a mock-gothic castle on the private Channel Island of Brecqhou. Sir David Barclay died last year as the pair sold the Ritz hotel for £800m.
Now Frederick’s lawyers are claiming quite the reversal of fortune. A High Court hearing yesterday heard that he had failed to pay any of the £100m he owes from his divorce order made almost a year ago. His lawyers said that he had insufficient funds, his nephews were having to support him financially, and that his family were paying part of his £500,000 legal fees.
His former wife attended court on Wednesday as her lawyer, Stewart Leech QC, said that she was in a “considerably worse situation” after her ex-husband had refused to pay the divorce award.
Earlier, Leech had told the court that Lady Hiroko Barclay wanted the judge to send her ex-husband to jail for breaching an order to produce documents and pay a £50m tranche of their settlement.
Frederick faces the prospect of a prison sentence, or a hefty fine, if found guilty of contempt of court for failing to pay a lump sum of £50m due last August. The full sum of £100m is due this May, making the award one of the UK’s biggest court cases.
Leech added that a maintenance payment of £60,000 had been “unilaterally halved” and Hiroko had “not received the capital she was supposed to receive”.
Charles Howard QC, representing the businessman, acknowledged certain sums had not been paid but said: “Whether he is at fault remains to be decided.” The barrister added that his client had said that “he has no money to do it and his bank statements… show that. He has been evicted from his home.”
The Times (£)
The Guardian
