Wills & Trusts Law Reports | September 2013 #132Michael Prest (husband) and Yasmin Prest (wife) were married for 15 years and had four children before the wife petitioned for divorce in March 2008. During the marriage the matrimonial home was in England, though for most of the time the husband was found to be resident in Monaco and there was also a second home in Nevis. Petrodel Resources Ltd (PRL), which was incorporated in the Isle of Man, was the legal owner of the matrimonial home and five other residential properties in the United Kingdom. PRL was part of a group of companies, one of which was the legal owner of two more resident...
Kirstie Law outlines the background in Prest v Prest and the issues before the recent appeal in the Supreme Court In family cases, there is no arm’s length dealing and, if a spouse is able to hide assets behind a corporate structure, a just outcome in financial remedy proceedings may be impossible to obtain. Family …
Continue reading "Financial Provision: Predictions on Prest"
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Clare Arthurs and Alex Fox reflect on the Supreme Court judgment in Nutritek The Supreme Court clearly declined to extend the circumstances in which the corporate veil may be pierced. The corporate veil has been in the limelight of late. The Court of Appeal in VTB Capital v Nutritek International Corp [2012] kept it drawn …
Continue reading "Company: Dance of the corporate veil"
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James Copson analyses the impact of Petrodel v Prest and the repercussions for family lawyers Rimer LJ made it clear that the husband helping himself to the companies’ assets did not alter the status of the companies as separate entities from the owner of their shares. The Court of Appeal decision in Petrodel v Prest …
Continue reading "Corporate Assets: Divisional divide"
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Liability of parent company; duty of care; asbestosis ‘The court had “little doubt that the defendant exercised control over some of the activities of CBP from the time that it came into existence and through the period during which the Claimant was one of its employees”.’ To what extent can a parent company be responsible …
Continue reading "Case Report: Chandler v Cape plc [2011] EWHC 951 (QB)"
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