Businessman who went bankrupt owing £33m is locked in high court battle with his estranged wife over money after their 'exorbitant' life together of yachts and expensive parties fell apart

• The man, who has now been discharged from bankruptcy, says he has suffered a 'spectacular fall from grace'
• The judge said the man is in his 60s and the woman in her 50s 
• Mrs Justice Roberts said the couple married in 2001, and separated in early 2011, months before the man was made bankrupt 

A businessman who nine years ago went bankrupt owing £33 million is now embroiled in a High Court fight over money with his estranged wife who insists he has more 'financial resources' than he claims.  

The man, who has now been discharged from bankruptcy, says he has suffered a 'spectacular fall from grace' and is still nearly insolvent.

But his estranged wife says he has more money at his disposal than he claims and has not made 'full, frank and complete disclosure of his past and present financial circumstances'.

A judge based in the Family Division of the High Court in London is analysing the dispute, ruling neither party can be named in the media.  

Mrs Justice Roberts said the couple had been together for about a decade, shared a home in St John's Wood, north-west London, and enjoyed an 'extremely high, if not exorbitant' standard of living.

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The judge said the couple's marriage 'was followed by 10 years of more or less unbridled expenditure on property, yachts and discretionary lifestyle choices' (file photo)

The judge, who considered a number of issues at a recent private hearing, has not named the man or woman in her ruling and said neither can be identified in media reports of the case.

She said the man is in his 60s and the woman in her 50s.

The judge has yet to make decisions relating to how much the woman should walk away with.

She indicated that she would consider the woman's claim for a 'lump sum' at a further hearing.

Mrs Justice Roberts said the couple married in 2001, and separated in early 2011, months before the man was made bankrupt.

'Their marital standard of living was extremely high, if not exorbitant,' said the judge in her ruling.

'Their wedding in 2001 was celebrated with an expensive party costing several million pounds at which guests were entertained by several famous musical performers.

'It was followed by 10 years of more or less unbridled expenditure on property, yachts and discretionary lifestyle choices.'

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A judge based in the Family Division of the High Court in London is analysing the dispute

The judge said that, in 1998, the man sold most of his shares in an 'international business' for more than £80 million.

She said he was declared bankrupt in July 2011.

'At that time, he owed some £33 million to unsecured creditors,' she said.

'He was subsequently discharged a year later, although his trustee in bankruptcy, a well-known firm of accountants with international experience, spent the next five years investigating his financial affairs.

'That lengthy inquiry cost over £500,000 and led to the recovery of no more than a negligible sum of less than £20,000.'

Mrs Justice Roberts said the man had been accused of not revealing information.

'At the heart of this case lies an allegation on the part of the wife and her legal team that the husband has failed to make full, frank and complete disclosure of his past and present financial circumstances,' said the judge.

'Whilst he presents the court with a narrative which, on its face, appears to show a spectacular financial fall from grace and an ongoing position of near personal insolvency, the wife claims that he has, or should be treated as having, financial resources at his disposal.'