Wills & Trusts Law Reports | Spring 2020 #178Two schemes to avoid the payment of National Non-domestic Rates (NDR), by granting a short lease of unoccupied properties to special purpose vehicle companies (SPVs), which were then allowed to be dissolved, either by voluntary winding up or as dormant companies. Under the NDR legislation, the liability to pay rates on unoccupied property fell on the ‘owner’, being the person entitled to possession, which would include a lessee. However, properties owned by a company being wound up voluntarily were excluded under the applicable Regulations from being subject to NDR at all.
The cla...
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...
Clare Arthurs assesses a recent challenge to corporate protection VTB’s original case was pleaded in deceit and unlawful means conspiracy. The judge overturned the permission VTB had obtained (ex parte) to serve proceedings out of the jurisdiction. The expression ‘Piercing the corporate veil’ is a neat turn of phrase, but what does it actually mean? …
Continue reading "Commercial: To pierce or not to pierce? The Court of Appeal protects the corporate veil"
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