Isle of Man:
Breaking News: Supreme Court Pierces Corporate Veil In Divorce Proceedings
13 June 2013
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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.
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