prest v petrodel pdf

In Prest v Petrodel at para. 4 Prest v Petrodel Resources Ltd and others [2013] UKSC 34. Piercing the corporate veil: a new era post Prest v Petrodel That a company has a separate legal personality from its shareholders is a well-established common law rule, derived initially from the case of Salomon v A Salomon [1897] AC 22 and reiterated in more recent authorities such as Adams v Cape Industries [1990] Ch 433 . 5 ibid [27], [89], [99]. 3 Manuchar Steel Hong Kong Ltd v Star Pacific Line Pte Ltd [2014] 4 SLR 832 at [90], per Lee Kim Shin JC. No part of this document may e reproduced without permission from the copyright holders. 16 Prest v Petrodel Resources Ltd [2013] 3 WLR 1 at [29]–[30]. This essay will argue the decision has done little to fault the Salomon principle. 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. 2 Clarke described the principle of ‘veil-piercing’ as a doctrine.6 Lord Walker, however, was reluctant in adopting such terminology.7 8He doubted the existence of an independent doctrine of ‘veil-piercing’, since 17 Prest v Petrodel Resources Ltd [2013] 3 WLR 1 at [29]. basis on which parties deal with companies. 1 Prest v Petrodel Resources Ltd [2013] 3 WLR 1 at [8], per Lord Sumption. This article examines the judicial approach to the corporate veil post-Prest v Petrodel Resources Ltd. In Prest v Petrodel Resources Ltd [2013] UKSC 34, the UK Supreme Court has recently reviewed the English law in this area, concluding that the Court has … 18 Prest v Petrodel Resources Ltd [2013] 3 WLR 1 at [30]. Prest v Petrodel Resources Ltd [2013] 2 A.C. 415 Andrew Bowen QC Introduction “Piercing the corporate veil” is a convenient label used to identify cases in which the courts have granted relief which appears at first blush to involve disregarding the separate legal 2016 Contriutor(s) and Singapore Academy of Law. Yasmin Prest. 7. 5 [1897] AC 22. The case provides a framework for an examination of a number of issues relating to the veil-piercing rule. But fiction is the whole foundation of English company and insolvency law i.e. This article will critically evaluate the significance of the Prest v Petrodel Resources Ltd[1] decision in light of the corporate veil doctrine. 4 Cap 50, 2006 Rev Ed. Prest v Petrodel Resources Ltd & Ors [2013] UKSC 34 (12 June 2013) March 22, 2018/in Company /Private Law Tutor. 19 [2000] 2 BCLC 794. 6. One of the companies was the legal owner of five residential properties in the UK and another was the legal owner of two more. Prest v Petrodel [2013] UKSC 34: Returning To The Doctrinal Roots Of Corporate Veil-Piercing Introduction Fundamental to the theory, study and practice of company law is the doctrine of separate legal personality as established in Salomon v Salomon [1897] AC 22 (“Salomon v Salomon”). The “well-recognised 8, Lord Sumption said separate personality and property of a company is sometimes described as a fiction, and in a sense it is. Analysis is undertaken of the judgment in Prest and of how judges have adapted and applied this judgment in subsequent cases. Supreme Court’s decision in Prest v Petrodel Resources Ltd with a view to determining whether the decision is a step towards the abolition of piercing the corporate veil doctrine. 2 Prest v Petrodel Resources Ltd [2013] 3 WLR 1 at [8], per Lord Sumption. The whole foundation of English company and insolvency Law i.e of this document may e reproduced without from. 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