What might the Supreme Court do? Petrodel v Prest

William Healing

Partner Kingsley Napley LLP:

In this article William Healing of Kingsley Napley LLP suggests the solution the Supreme Court might adopt in the eagerly anticipated 5/6 March Supreme Court hearing in Petrodel v Prest.

Mrs Prest seeks to appeal the Court of Appeal's decision that it was improper to pierce the veil of her husband's complex property owning corporate structures including Petrodel. The Court of Appeal overturned 30 years of case-law in the family sphere. It said family High Court judges have exercised a poor discipline in allowing assets owned in separate corporate structures to be attacked within the wide discretionary powers available to the family judge where the judge looks at the 'reality of the situation'. Judges had not respected the established chancery case law giving separate legal identity to corporations.

The Court of Appeal however was not asked to examine the findings at first instance about the Husband's alleged impropriety. Despite manifest concealment by the Husband and total personal control of his companies ...

Read the full article here.