Supreme Court pressed into lifting the veil on divorce

21 June 2013

Prest v Petrodel Resources Ltd [2013] UKSC 34 presented the Supreme Court with an opportunity to make peace in the ongoing war between the judges of the Family and Chancery Divisions of the Courts of England and Wales. A fragile peace was reached as the Court held that certain properties were beneficially owned by Mr Prest, even though they were legally owned by companies in his control. The court could therefore order that the properties be transferred to his wife. The judgment is likely to have a significant impact on the use of corporate structures to hold what are, in reality, personal assets.

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