prest v petrodel case summary

In-house law team. Prest v Petrodel Resources Ltd and Others: SC 12 Jun 2013 In the course of ancillary relief proceedings in a divorce, questions arose regarding company assets owned by the husband. Lord Sumption asserted however that the terms sham or façade should be replaced with ‘evasion’ and ‘concealment’.14 Where there has been concealment of liability, he argued, there will be no need to pierce the corporate veil because, as Lord Neuberger agreed, all that would be required would be to look behind the veil to establish the true actors.15 Lord Sumption asserted that this was the position adopted by Lord Neuberger in VTB16, although he argued that due to the fact that the court in that case had not needed to pierce the veil, it could not be used as authority in Prest.17 The judgement in Prest therefore clarified that piercing the corporate veil would only be possible when company law had been used to evade liability, although this alone would not be enough, and that even where such impropriety had arisen, it would usually be possible to apply another area of law in order to grant a remedy,18 in this case the application of trust principles to ensure Mrs Prest was entitled to a beneficial interest in the properties. Justices. Disclaimer: This work was produced by one of our expert legal writers, as a learning aid to help law students with their studies. 2 VTB Capital v Nutritek International Corporation and Others 2013 UKSC 5 per Lloyd LJ at 47, 3 P Breakey, ‘Is Piercing the Veil Contrary to High Authority: A Footnote to the Never Ending Story’ (2013) Comp Law 34(11) 352-355, 355, 4 L Linklater, ‘Piercingthe Corporate Veil’: The Never Ending Story?” (2006) 27 Company Lawyer 65, title, 6 Prest v Prest, Petrodel Resources Ltd and Others 2011 EWHC 2956 (Fam), 8 Petrodel Resources Ltd & Others v Prest & Others 2012 EWCA Civ 1395 per Rimer LJ at 136, 11 Adams v Cape Industries Plc 1990 Ch 433, 13 Trustor AB v Smallbone (No 2) 2001 1 WLR 1177, 20 E Roxburgh, ‘Prest v Petrodel Resources Ltd: Cold Comfort for Mrs Prest in Scotland’ (2013) SLT 32 223-225, 225, 21 JHY Chan, ‘Should ‘Reverse Piercing’ of the Corporate Veil be Introduced in English Law’ (2014) Comp Law 35(6) 163-171, 163, 22 P Bailey, ‘2013: That Was The Year That Was in Company Law’ Co. L.N. To export a reference to this article please select a referencing stye below: Our academic writing and marking services can help you! 2 Introduction In a landmark judgment delivered on 12 June 2013 in the case of Prest v Petrodel Resources Ltd and Others1, the United Kingdom Supreme Court (UKSC) reviewed the law relating to piercing the corporate veil. Do you have a 2:1 degree or higher? His wife of 15 years claimed that he and Petrodel were one and the same, and that she should have a multi-million pound award funded from the companies’ properties. Another was to take funds from the companies whenever he wished, without right or company authority. Prest (Appellant) v Petrodel Resources Limited and others (Respondents) Judgment date. When the companies were incorporated there was no implication of impropriety. They owned a substantial matrimonial home in the UK and a second home in Nevis. In Prest v Petrodel Resources Limited the Supreme Court considered the basis on which the corporate veil might be pierced (see post).The comments were strictly speaking obiter and were made in the context of a case concerning transfer of properties following a divorce. 2014, 347, 1-4,2, 23 S Peppy, ‘Cheat’s Charter Endorsed – Existing Family Division Practice Must Now Cease’ (2012) Family Affairs 56 Winter, 10. The value of the judgement was not in question, as the courts had already ruled the husband – a Nigerian oil tycoon – would have to pay his wife £17.5m, largely due to his conduct during the case, and he was not arguing over this. The Supreme Court unanimously overturned the Court of Appeal’s decision. This is a case with regard to family law. John Wilson QC of 1 Hare Court analyses the Supreme Court’s judgment in the landmark case of Prest v Petrodel and considers its implications for family lawyers. Petrodel Resources Ltd & Ors v Prest & Ors [2012] EWCA Civ 1395. Prest v Petrodel Resources Ltd UKSC 34, 2 AC 415 is a leading UK company law decision of the UK Supreme Court concerning the nature of the doctrine of piercing the corporate veil, resulting trusts and equitable proprietary remedies in the context of English family law. Any information contained in this case summary does not constitute legal advice and should be treated as educational content only. In 2011, Moylan J gave judgment in the case of Prest. In some instances the properties had been Prest v Petrodel Resources Ltd [2013] UKSC 34. 12 Wednesday Jun 2013 The companies were 5 Lord Sumption at para 27 of Prest v Petrodel Resources Limited [2013] UKSC 34 Firstly, although the case does make it clear that veil piercing will only be appropriate where there has been evasion of liabilities and where no other remedy of law will provide an appropriate remedy, as shown above, the judgment gives no indication of precisely the circumstances in which the veil may still be pierced and thus the decision should be seen only as contributing further to the uncertainties surrounding this area of law. Here Mr. Prest was seriously wealthy and owned several numbers of companies which to whom his real properties were transferred to the companies. 45-- 6 7 I 99 4556 Introduction On 12 June 2013 the UK Supreme Court delivered judgment in Prest v Petrodel, a divorce case, and decided that properties purchased in the name of companies owned and controlled by the husband were held on trust for him and thus formed part of his assets. Prest v Petrodel (Supreme Court) A welcome clarifying authority on the principle of piercing the corporate veil Prest v Petrodel Resources Limited & Others [2013] UKSC 34 It is a fundamental principle of corporate law that a company and its members have separate legal personalities (Salomon v … Case ID. John Wilson QC , 1 Hare Court In the 24 hours since the Supreme Court published its landmark decision in Prest v Prestodel Resources Ltd & Others ("Prest") there has been a tsunami of commentary upon its consequences. Neutral citation number [2013] UKSC 34. They owned a substantial matrimonial home in the UK and a second home in Nevis.5 Mrs Prest contended that her husband’s wealth vastly exceeded this and argued that properties held by several companies of which Mr Prest “wholly owned and controlled” were in reality owned by him. Introduction On 12 June 2013 the UK Supreme Court delivered judgment in Prest v Petrodel, a divorce case, and decided that properties purchased in the name of companies owned and controlled by the husband were held on trust for him and thus formed part of his assets. Wife claimed that the properties held by the companies belonged beneficially to the husband. Prest therefore established that although it is possible that the corporate veil may be pierced in some circumstances, it is not clear what these circumstances are beyond the fact that the remedy is only a last resort19 and as such it seems that the decision failed to take advantage of the opportunity to clarify the law. Since Salomon v Salomon,1 it has been well established in UK law that a company has a separate personality to that of its members, and that such members cannot be liable for the debts of a company beyond their initial financial contribution to it. This is a case with regard to family law. There is perhaps some room to The Supreme Court rejected lifting the veil but instead found a resulting trust. The issue for the Supreme Court was how to ensure that, particularly in cases of divorcing spouses and in single-man companies, company law could not be used as a tool to conceal assets or avoid liability in relation to those assets, whilst maintaining the integrity of the Salomon principle. Looking for a flexible role? BACKGROUND TO THE APPEAL Section 24(1)(a) of the MCA 1973 states that: “the court may make…an order that a party to the marriage shall transfer to the other party…property to which the first-mentioned party is entitled, either in possession or reversion”. The leading judgment was given by Lord Sumption, who observed that the law relating to the circumstances in which it would be permissible for the courts to pierce the corporate veil was characterised by “inadequate reasoning”.10 Despite this confusion in the law, Lord Sumption asserted that the position established in Adams v Cape Industries11, is that the doctrine of veil piercing required some dishonesty on the part of the company member and was not simply a device that could be employed to ensure justice in a particular case.12 His lordship went on to observe that this principle had been affirmed Trustor AB v Smallbone (No 2)13 in which it was also established that the dishonesty must involve company law being used as a sham or façade to disguise the true ownership of property. Introduction. Prest was of particular interest because of the legal cross-over between family law and corporate One of the companies was the legal owner of five residential properties in the UK and another was the legal owner of two more. One of Mr Prest’s failings was to provide funding without properly documented loans or capital subscription. The appeal concerns the position of a number of companies belonging to the Petrodel Group which were wholly owned and controlled by Michael Prest, the husband. 12 Jun 2013. The Supreme Court ordered that seven disputed properties, owned by companies controlled by Mr Prest, be transferred to Mrs Prest in partial satisfaction of their £17.5 million divorce settlement. the court did in this case. Registered office: Venture House, Cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ. 4 Prest v Petrodel Resources Ltd and others [2013] UKSC 34. The case concerned a very high value divorce. This has been said to put an end […] Many of the assets (primarily properties in London) were held by overseas companies controlled by the husband. The corporate veil is a metaphorical phrase, established in the landmark case of Salomon v Salomon & Co Ltd 6 . Wife claimed that the properties held by the companies belonged beneficially to the husband. Judgment details. The Supreme Court's ruling in the landmark divorce case, Prest v Petrodel Resources Ltd [2013] UKSC 34, confirmed that placing assets into corporate structures for wealth protection reasons might not now protect that wealth against divorce claimants. Appeal from – Petrodel Resources Ltd and Others v Prest and Others CA 26-Oct-2012 The parties had disputed ancillary relief on their divorce. Since Salomon v Salomon, it has been well established in UK law that a company has a separate personality to that of its members, and that such members cannot be liable for the debts of a company beyond their … The Supreme Court in Prest v Petrodel was also concerned with achieving justice for the claimant, and in the VTB case Lord Neuberger said: ‘it may be right for the law to permit the veil to be pierced in certain circumstances in order to defeat injustice’. Prest v Petrodel – a new court approach to corporate structures Background Prest v Petrodel was a “big money” divorce case, concerning assets worth in excess of £17.5million. 5 Mrs Prest contended that her husband’s wealth vastly exceeded this and argued that properties held by several companies of which Mr Prest “wholly owned and controlled” were in reality owned by him. Prest v Petrodel (Supreme Court) A welcome clarifying authority on the principle of piercing the corporate veil Prest v Petrodel Resources Limited & Others [2013] UKSC 34 It is a fundamental principle of corporate law that a company and its members have separate legal personalities (Salomon v … This case summary discusses the UK Supreme Court case of Prest v Petrodel Resources Ltd [2013] UKSC 34; [2013] 2 AC 415; [2013] 3 WLR 1 in which the majority held that the corporate veil should only be pierced where all other remedies were not available. Prest v Petrodel Resources Ltd 2013. Case Summary Claim by Mrs. Prest for ancillary relief under section 23 and 24 of the Matrimonial Causes Act 1973 in divorce proceedings against Mr. Prest. Mrs Prest appealed the decision to the Supreme Court. The court was asked as to the power of the court to order the transfer of assets owned entirely in the company’s names. It should be noted that although the matrimonial home itself was also owned by one of the companies, it was established in the Court of Appeal that this was held on trust for Mrs Prest and did not form part of the appeal to the Supreme Court. Take a look at some weird laws from around the world! Mr Prest wholly owned and controlled (directly or indirectly, through intermediate entities) a number of non-UK resident companies which, between them, owned seven residential properties in the UK. UKSC 2013/0004. Some commentators have asserted that the decision in Prest is to be “welcomed”20 as although it does confirm that the Salomon principle remains a cornerstone of UK company law,21 it also recognises that there will be circumstances in which the veil can be pierced in order to grant a remedy. The relatively short and significant judgment in the Supreme Court case of Prest v Petrodel Resources Ltd has gathered vociferous interest from academics and practitioners. Prest v Petrodel – a new court approach to corporate structures Background Prest v Petrodel was a “big money” divorce case, concerning assets worth in excess of £17.5million. The Prest v Petrodel decision followed another Supreme Court judgment where the issue was considered at length, VTB Capital plc v Nutritek International Corp and others [2013] UKSC 5, although the VTB case was decided on another ground so carries less legal weight. Mr. Prest was the sole owner of numerous offshore companies. Free resources to assist you with your legal studies! This paper examines the Supreme Court’s most recent endeavour to elucidate the doctrine of piercing the However, this author finds such a view difficult to accept. Claim by Mrs. Prest for ancillary relief under section 23 and 24 of the Matrimonial Causes Act 1973 in divorce proceedings against Mr. Prest. The Supreme Court has recently given judgment in the case Prest (Appellant) v Petrodel Resources Limited and others (Respondents), following an appeal from the Court of Appeal. ... Prest33 was a matrimonial case in which the Supreme Court did not pierce the corporate veil since the company was established prior to the matrimonial dispute.34 Lord Sumption identified two separate principles regarding Many of the assets (primarily properties in London) were held by overseas companies controlled by the husband. In doing so, the Supreme Court has ordered divorced husband, Michael Prest, to transfer to his former wife, Yasmin Prest, properties held by companies owned and controlled by him, as part of a £17.5m divorce award. Veil-piercing jurisprudence serves as a graphic illustration of the perplexities bedevilling juridical understandings of the modern company. He failed to comply with the court orders requiring for full and frank disclosure of his financial position, and the companies also failed to file a defence or at least to comply with orders for disclosure. The relatively short and significant judgment in the Supreme Court case of Prest v Petrodel Resources Ltd has gathered vociferous interest from academics and practitioners.It was of key interest as it was a legal cross over between family law and company law. The judgment of the Supreme Court in Prest v Petrodel Resources Ltd [2013] UKSC 34 was eagerly anticipated by family and corporate lawyers alike. The case is of great significance. Lord Neuberger, Lord Walker, Lady Hale, Lord Mance, Lord Clarke, Lord Wilson, Lord Sumption. Copyright © 2003 - 2021 - LawTeacher is a trading name of All Answers Ltd, a company registered in England and Wales. As the legal title of the properties was owned by the companies, the wife argued that the court should lift the veil since the husband was entitled to the properties because he owns shares in the companies. The judgment of the UK Supreme Court in the case of Prest v Petrodel Resources Ltd and Others [2013] UKSC 34 is undoubtedly significant in relation to the doctrine of piercing the corporate veil. However, there have been circumstances in which the courts have been prepared to “pierce the veil”2 of corporate personality to find the members of the company liable for company actions in certain circumstances. VAT Registration No: 842417633. *You can also browse our support articles here >. The relatively short judgment in the United Kingdom Supreme Court case of Prest v Petrodel Resources Ltd1(herein, Prest) has garnered vociferous interest from academics and practitioners. The most crucial part in the case was whether the husband was entitled to the properties? There is perhaps some room to The divorcing couple, Mr and Mrs Prest, were wealthy. Prest v Petrodel Resources Ltd & Others [2013] UKSC 34 Introduction. This author would submit that cynicism aside, it remains the unfortunate position that although Prest has limited the doctrine by confirming that it is only to be used as a remedy of last resort, a future decision will be required to confirm exactly when the doctrine may be applied. Indeed, one rather cynical commentator has argued that Lord Sumption “almost seemed relieved”22 that the veil could not be pierced in Prest because it meant he did not need to determine the “definitive”23 circumstances in which the veil may be pierced in the future. In the weeks preceding the Supreme Court’s decision in Petrodel Resources Ltd v Prest, 1 the case was the subject of much attention and commentary, both in the media and legal circles. Prest v Petrodel Resources Ltd concerned the financial settlement following the divorce of a Nigerian oil trader, Michael Prest, and his wife Yasmin. In Prest v Petrodel UKSC 34 the English Supreme Court undertook a review of the principles of English law which determine in what circumstances, if any, a court may set aside the separate legal personality of a company from its members and attribute to … The ability of the court to order the transfer of the properties to the wife granted that they legally belong not to Mr. Prest but to his companies. The Supreme Court has just handed down its judgment in the landmark case of Prest v. Petrodel. Lord Sumption distinguished the concealment and evasion principle: “The concealment principle is legally banal and does not involve piercing the corporate veil at all. Piercing The Corporate Veil: Prest Vs Petrodel Resources The Supreme Court has handed down a landmark judgement in favour of Mrs Prest in high profile matrimonial dispute. In some instances the properties had been The Supreme Court's ruling in the landmark divorce case, Prest v Petrodel Resources Ltd [2013] UKSC 34, confirmed that placing assets into corporate structures for wealth protection reasons might not now protect that wealth against divorce claimants. Any opinions, findings, conclusions, or recommendations expressed in this material are those of the authors and do not reflect the views of LawTeacher.net. JUSTICES: Lord Neuberger (President), Lord Walker, Lady Hale, Lord Mance, Lord Clarke, Lord Wilson, Lord Sumption . With these two judgments the Supreme Court have It was of key interest as it was a legal cross over between family law and company law. In view of all that had … PRESS SUMMARY Prest (Appellant) v Petrodel Resources Limited & Others (Respondents) [2013] UKSC 34 . This case summary discusses the UK Supreme Court case of Prest v Petrodel Resources Ltd [2013] UKSC 34; [2013] 2 AC 415; [2013] 3 WLR 1 in which the majority held that the corporate veil should only be pierced where all other remedies were not available. However, he argued that he wasn’t at all entitled to the properties. The law in this area has been rife with conflicting principles and many commentators felt that the Supreme Court decision in Prest v Petrodel provided a unique opportunity3 to resolve the “never ending story”4 of when the corporate veil can be pierced. The case was originally heard in the family court6 as an application for ancillary relief by the wife in a case of divorcing spouses, where it was held by Moylan LJ that although there was no general principle by which the corporate veil could be pierced, this was possible under section 24(1)(a) of the Matrimonial Causes Act.7 Three of the companies of which Mr Prest was the majority shareholder appealed to the Court of Appeal, in which the majority criticised not only Moylan LJ’s dicta but the general practice of the family courts to use the MCA to pierce the corporate veil and asserted that in the absence of abuse of the Salomon principle, the law did not permit this.8 Patten LJ asserted that this practice “amounts almost to a separate system of legal rules unaffected by the relevant principles of English property and company law”9 and must cease. On appeal from: [2012] EWCA Civ 1395 . 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