The Supreme Court in England has today issued its judgment in the case of Prest v Petrodel Resources.
It has unanimously allowed the appeal brought by Mrs Prest and declared that certain disputed properties, legally owned by a number of companies, were held by those companies on a resulting trust for the husband, Mr Prest.
It then followed that those properties were caught under the UK's Matrimonial Causes Act 1973 as "property to which the [husband] is entitled, either in possession or reversion."
The Court held that it may, in limited circumstances, pierce the corporate veil in order to give effective relief. In this case, the husband was found to have deliberately concealed facts and adverse inferences were drawn against him, leading to a conclusion that in reality the properties were beneficially owned by him.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
