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COMPANY: De-Prest: corporate veil remains securely drawn

02 August 2013  

Alex Fox and Clare Arthurs consider the implications of the Prest decision

The Supreme Court has recently handed down its much-anticipated judgment in the case of Prest v Petrodel Resources Ltd [2013]. Both commercial and family lawyers have been looking to the Supreme Court for clarification of how, when (and indeed if) the courts will allow the corporate veil to be pierced. Prest confirms that the concept of piercing the corporate veil does in fact exist, and that the same rules apply, whether in the Family Division or any other. It also provides some guidance on those rare occasions on which the courts will look behind a company’s distinct legal personality.