TV celebrity Paul Hollywood and his ex-wife Alexandra have ditched planned court proceedings in favour of arbitration to resolve a dispute over family finances following their divorce.
There are several advantages of using arbitration for this purpose:
Speed: Although similar in nature to court proceedings, the arbitration process can be a much quicker alternative.
Choice: The parties involved can choose who acts the arbitrator, as well as the timing and location of the hearing.
Flexibility: Financial arbitration can focus on a few key concerns or be wider in its scope to cover all issues. It particularly effective when used to address just a couple of points remaining unresolved following a mediation process has broken down. In such a situation, it may even be possible to resolve those issues without a final hearing and for the matters decided on the basis of the papers followed by a written arbitration award.
Cost-effectiveness: Because it’s a streamlined process, the costs of arbitration are often lower than those involved in court action.
Confidentiality: For some, the confidential nature of arbitration is the most significant plus point, particularly when celebrities are involved as court proceedings are open to press coverage.
And arbitration is not just a realm of the rich and famous – it’s an efficient and cost-effective process open to all, culminating in independent and binding decisions made by expert practitioners.
