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Wife awarded £20m settlement has yet to receive a penny

The estranged wife of a Scots bankrupt property tycoon remains empty-handed more than three months after being awarded £20 million by a judge, a High Court hearing in London has been told.

A lawyer representing Michelle Young, 49, told judge Mr Justice Moor there were "zero recoveries" from Scot Young, 52.

Mrs Young wants a judge to order a meeting of Mr Young's creditors as she continues to try to trace assets.

Mr Justice Moor - who sits in the Family Division of the High Court - transferred her application to a judge who specialises in bankruptcy.

Both Mr and Mrs Young were at yesterday's hearing. Another hearing is scheduled to take place in May.

In November, Mr Justice Moor assessed Mr Young, who is from Dundee, to be worth £40m - after analysing evidence at a trial - and said Mrs Young was entitled to half of that.

The judge said Mr Young might have hidden assets off-shore and said he knew Mrs Young would find it hard to enforce his order. But he said Mr Young would never be free of the debt.

Mrs Young said she thought Mr Young was worth billions and claimed he had hidden a "vast fortune". She claims she is a victim of fraud and says Mr Young manipulated his affairs to deny her money.

Mr Young says he suffered a financial meltdown seven years ago after a property deal in Moscow crash and is bankrupt and penniless, with debts adding up to £28m.

In January 2013 Mr Young was sentenced to six months in jail after a High Court judge said he was in "flagrant and deliberate" contempt of court for failing to disclose details of his finances.

Mr Justice Moor concluded in November that Mr Young misled the court "very significantly".

The judge described the ­litigation - which began more than six years ago - as "quite extraordinary".

He pointed out that over the years Mrs Young had run up a legal bill of more than £6m and had employed 13 sets of lawyers and four sets of accountants.

The judge heard that the Youngs, who live in London and have two daughters, separated in 2006 after starting a relationship in 1989.

Contextual targeting label: 
Finance

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