[32] Henceforth, this shows that Prest only narrowed only one specific factor in piercing the corporate veil, a factor which cannot be used in all cases. 'Critically consider the extent to which the case of Prest v Petrodel Resources Ltd in 2013 has permanently altered the law and the effect if any on the meaning of corporate personality.' Various companies owned and controlled by Mr Prest were ordered to transfer assets directly to Mrs Prest in satisfaction of his liability under the divorce settlement. company law Company law company law. The new approach found in VTB[40]and Prest significantly restrictive approach to piercing the corporate veil which in effect has relegated the doctrine to a principle of last resort. Company. The relatively short judgment in the United Kingdom Supreme Court case of Prest v Petrodel Resources Ltd1 (herein, Prest) has garnered vociferous interest from academics and practitioners. Business & Employment Law lecture 1 notes Company LAW - Lecture Notes I. The relatively short and significant judgment in the Supreme Court case of Prest v Petrodel Resources Ltd has gathered vociferous interest from academics and practitioners. Over the past eighty years, there has been many interpretations. LW2225 semester essay skeleton answer Pros and cons of old partnerships Exam May 2015, answers Exam May 2016, questions Land Law Notes Settlement Agreement Coursework. if Pres v Petrodel Resources Ltd (2013) it was accepted that piercing the corporate veil should only be accepted in cases, which involve fraud or improper use to the corporate form.2 PREST. In 2013, the United Kingdom Supreme Court handed down a seminal judgment on the law of corporate veil, Prest v Petrodel Resources Ltd and Others UKSC 34, in which Lord Sumption proposed the evasion and concealment principles. The question on appeal was whether the court has … Get in touch with our dedicated team to discuss about your requirements in detail. A Digman A, John Lowry, Company Law (8th edn OUP Oxford), Birds J, Boyle Clark B et al, company Law (9th edn, Jordan Publishing), Dr Wilde C, Smith and Keenan's Company Law ( 17th edn Pearson), Lowry J, and Arad Reisberg, Company Law & Corporate Finance (4th Edn, Pearson, Akansha Dubey et al, 'Family Law' (2014) 3(1), A Alcock 'piercing the veil- A dodo of a Doctrine (2013) 25 denning LJ 241,243, A Bowden 'Concealment, Evasion and Piercing the corporate veil: Prest v Peterodel Resources Ltd [2013], Greens Business law, April 2014, Bull S, 'piercing the corporate veil in England and Singapore' [2014] Heinonline, C Hare, 'Piercing the corporate veil in the supreme court (again)'- The Cambridge Law Journal, 72 [2013] 511-515, Chrysthis N Papacleovoulou, "lifting" or "piercing", 'the corporate veil in Cyprus: a doctrine under challenge- an analysis of English and Cyprus case Law analysis' (2016) 27 (4) ICCLR, D Lightman, 'Petrodel Resources Ltd v Prest: Where are we now?' In Prest, they all accepted the existence of a general common law veil piercing as being limited to rare and exceptional circumstances. The fact that none of these questions seem to provide a clear picture further creates problems today as for a doctrine to develop or adapt to the new changes, the reasoning's behind the past decision needs to be understood thus, if one cannot do that then how can the doctrine be established. [44] It therefore appears that where litigants can show that the relevant tests are satisfied, the courts will allow them to obtain judgement against assets that were intentionally placed out of their reach. Business & Employment Law lecture 1 notes Company LAW - Lecture Notes I. This could perhaps be a starting point of a well-established doctrine. Petrodel Resources Ltd & Ors v Prest & Ors [2012] EWCA Civ 1395 Case Synopsis Introduction. Prest v Petrodel raises issues about what structures can be utilised and Akzo Nobel in what structures companies can establish notwithstanding that such structure are common place. In Prest, Lord Sumption argued for a narrower and clearer approach by restricting the circumstances in which the veil may be pierced. Copyright © 2003 - 2021 - UKEssays is a trading name of All Answers Ltd, a company registered in England and Wales. Piercing the corporate veil: a new era post Prest v Petrodel. Nicholas Grier. Preview text Download Save. At the time it received a lot of general press comment as well as a lot of legal commentary. Please click this link to view samples of our professional work witten by our professional essay writers. Other related documents. Additionally, Lord Sumption's principle brought further opposition. Undoubtedly, Lord Neuberger drew different conclusions regarding the application of the principle. It seems that it is going around in a vicious circle without reaching an end-point. [19] A new provision on how the doctrine should be established was brought in Prest. [50] However, Prest does confirm that the veil would only be pierced in exceptional circumstances. 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 a … It would possibly be applied in conjunction with other laws which would have the same effect and outcome as piercing the corporate veil. [6] When taking into consideration how the law has developed in this area, Cheung describes that it is evident the House of Lords decision in Woolfson [7] came to be source for guidance in subsequent cases. Mrs Prest’s appeal against the judgment of the Court of Appeal that seven properties in London owned by the Petrodel group of companies are not properties to which the sole controller of the group is ‘entitled, in This could perhaps create more clarity in the sense that decision makers would know what is not meant to be included in the doctrine. 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 … Prior to Prest, in Lipman,[14]the only way to lift the veil was if the company was regarded as a sham or mere façade. [2] The principles of lifting the corporate veil for the past eight decades seemed to have never been wholly established as judges always contradicted each other and never reached a unanimous decision. [28] He observed that there is no English case which unequivocally underpinned a power to lift the veil[29]; however, recognition is given to a limited power as a valuable judicial tool to undo wrongdoing in cases where no other solution exist’[30] It gives the impression that every judge will come up with a new principle every now and again which would be relied upon but then a couple of years after, a new judge will find criticism in the doctrine. 03 October 2013. Furthermore, there could be an extension which established distinct body rules for corporate groups such as in Germany. This article will critically evaluate the significance of the Prest v Petrodel Resources Ltd decision in light of the corporate veil doctrine. It can be disputed that this is a never ending vicious circle. This was contrasted with Lord Mance and Lord Walker who are very much in favour of keeping the doctrine. The general press comment centred upon the former wife obtaining her “just rewards” whereas the legal commentary focussed on … [27] On these grounds, this could show that the doctrine does not necessarily need to exist as the same outcome can be arrived on some other legal basis. More importantly, the HL emphasised that “it is only appropriate to pierce the corporate veil where the circumstances indicate that the company is merely a façade concealing true facts. However, it is debated whether Prest represents Za fresh start to this sometimes vexed area of corporate law13 or if it enhances even more the controversy and complexity of the veil piercing approach. This decision can be derived from another legal basis but, it will have the same outcome. Piercing the corporate veil refers to putting aside the separate personality of the company to hold a person who owns and controls a company as responsible for the actions of the company as if it were their own. The whole concept of lifting the veil was derived from Salomon v Salomon[4] where corporate veil was established. Case ID. Related Studylists. On the other side of the coin, it would be less harmful than having ambiguous rules. It was held that a limited company was viewed “like any other independent person with its right and liabilities appropriate to itself”[5] The Salomon principle has been the foundation on which company law and business corporations have thrived on for years. One of the main grounds relied upon by the trustees in the application was the “evasion principle”, (so named by Lord Sumption in his leading judgment in Prest v Petrodel Resources Limited and others [2013] UKSC), pursuant to which the Court can depart from the fundamental principle that a company has a separate legal personality from that of its members. As stated above, Lord Neuberger, Lord Clarke and Lady Hale were not entirely convinced on the validity of the doctrine and seeing it as merely a metaphor which was unclear and inchoherent. [49] If one keeps on rebutting every proposal that is brought forward then that is not progressive, it does not feel like any decision makers has tried to find a solution for this problem. If you are the real writer of this essay and no longer want to have the essay published on the our website then please click on the link below to send us request removal: Please provide details of your work and your ownership of it, if you don't provide any proof, your request will not be entertained. It was Lord Sumption in Prest v Petrodel Resources who recognised that there is a limited power to pierce the corporate veil exceptional cases when it is deemed necessary to do so. [23] Contrarily, the evasion principle applies where a person is under an existing legal obligation which he deliberately evades by interposing a company under his control. Over the past eighty years, there has been many interpretations. On the other hand,it can be argued, that the strictness of the approach led to the doctrine existing more as a matter of legal theory than as a feature of legal practice. x. It seems as if it is an entertaining ground for judges to see what new solution can be made this time around. The law in this area has been rife with conflicting principles and many commentators felt that the Supreme Court decision in Prest v Petrodel provided a unique opportunity 3 to resolve the “never ending story” 4 of when the corporate veil can be pierced. Any opinions, findings, conclusions or recommendations expressed in this material are those of the authors and do not necessarily reflect the views of EssayCompany. When the history of the corporate veil is written, the year 2013 will perhaps be given as much prominence as the year 1897. Dissertation Samples (Written by Students), Please click this link to view samples of our professional work witten by our professional essay writers, http:///www.spearswms.com/expert-analysis-of-the-Prest-judgment/, http://gdknowledge.co.uk/the-corporate-veil-and-its-piercing-as-clear-as/. In 2017, it is very difficult to predict what the future path for the doctrine will take as there are many conflicts on this topic even from the Supreme Court judges. Provided that the principle was to be properly established then there is one thing that all decision makers would agree upon which would be that “the company was used in an attempt to immunise himself from the liability of wrongdoing”[36] This is consistent in DHN[37] just as much as it is in Gramsci. Thus, even if it is given its quietus, the doctrine would still be there transparently. This is supported by the recent Supreme Court decision in Prest v Petrodel Resources Ltd, where a divorced wife claimed shares in houses owned by companies in which her ex-husband was the controlling shareholder. Neutral citation number [2013] UKSC 34. Appeal to the Supreme Court by a wife concerning properties vested in several companies and whether they could be treated in ancillary relief proceedings as beneficially belonging to the husband. Notwithstanding, since Prest, it is no longer sufficient for a company to show that it is 'a mere façade or a sham';[18] one must show that control of the company by the wrongdoer was used as a device to conceal the wrongdoing. Other related documents. It could be considered that an alternative approach would be to put the doctrine on a statutory basis so that the courts would have a guide to follow instead of consistently establishing conflicting views between themselves. The case provides a framework for an examination of a number of issues relating to the veil-piercing rule. This serves as acknowledgement it is still possible to pierce the corporate veil but only as an absolute last resort. [38] It seems that in every case that involves piercing the veil, the defendants always argue that there is “no such thing as piercing the corporate veil”[39] thus, could it be that many wrongdoers have been able to escape liabilities simply because the doctrine was not well established. These companies were wholly owned and controlled by the husband. [32] Henceforth, this shows that Prest only narrowed only one specific factor in piercing the corporate veil, a factor which cannot be used in all cases. The decision shows that an application of company law principles is required when determining the ownership of those assets. Facts. Justices. Introduction TO Incorporation MAN201 Student Self Test SAQs ECON254 Tutorial 1 Questions Cases on directors duties Company chp - … These companies were wholly owned and controlled by the husband. The legal team representing Prest stated that ‘the decision is of major importance not only for family law and divorcing couples, but also for company law, and it is the most important reviews since Victorian times on the law regarding piercing the corporate veil’. In an action for ancillary relief the husband argued that properties could not be transferred to the wife as they were legally owned by various companies. It was of key interest as it was a legal cross over between family law and company law. Judgment details. [6] When taking into consideration how the law has developed in this area, Cheung describes that it is evident the House of Lords decision in Woolfson [7] came to be source for guidance in subsequent cases. In Smallbone,[15]Sir Morritt brought forward the argument that it is uncertain as to which circumstances a company can be considered as a sham or whether the company need to do something illegal for immorality to suffice. It seems that it is going around in a vicious circle without reaching an end-point. A Digman A, John Lowry, Company Law (8th edn OUP Oxford), Birds J, Boyle Clark B et al, company Law (9th edn, Jordan Publishing), Dr Wilde C, Smith and Keenan’s Company Law ( 17th edn Pearson), Lowry J, and Arad Reisberg, Company Law & Corporate Finance (4th Edn, Pearson, Akansha Dubey et al, ‘Family Law’ (2014) 3(1), A Alcock ‘piercing the veil- A dodo of a Doctrine (2013) 25 denning LJ 241,243, A Bowden ‘Concealment, Evasion and Piercing the corporate veil: Prest v Peterodel Resources Ltd [2013], Greens Business law, April 2014, Bull S, ‘piercing the corporate veil in England and Singapore’ [2014] Heinonline, C Hare, ‘Piercing the corporate veil in the supreme court (again)’- The Cambridge Law Journal, 72 [2013] 511-515, Chrysthis N Papacleovoulou, “lifting” or “piercing”, ‘the corporate veil in Cyprus: a doctrine under challenge- an analysis of English and Cyprus case Law analysis’ (2016) 27 (4) ICCLR, D Lightman, ‘Petrodel Resources Ltd v Prest: Where are we now?’ – Trust & Trustees (2013) 19 (9):877, J McDonagh, ‘Piercing the corporate veil in the family division: Prest– the latest from the court of appea’l- Trust and Trustees (2013) 19 (2) 137, J Payne ‘Lifting the corporate veil: A reassessment of the fraud exception’ Cambridge law Journal, 56 (2) July 1997, Mujih E, ‘Piercing the corporate veil as a remedy after Prest V Petrodel resources Ltd: Inching towards Abolition’ [2016] Westlaw 17,17, Pey Woan Lee, ‘The Enigma of Veil- Piercing’ (2015) 26 (1) ICCLR 28, 30, Spear’s, ‘Expert analysis of the Prest Judgement’ (Spear’s ,11 June 2013), Tan Cheng-Han, ‘Veil piecing- a fresh start’ (2015) 1 JBL, Spear’s, ‘Expert analysis of the Prest Judgement (Spear’s ,11 June 2013)
accessed 8th March 2017, Simon Mcleod- ‘The Corporate Veil And Its Piercing As Clear As?’,
accessed 20th February 2017, Akzo Nobel NV v Competition Commission [2013] CAT 13, Antonio Gramsci Shipping Corp & ors v Aivars Lembergs [2013] EWCA Civ 730, DHN Food Distributors Ltd v Tower Hamlets London Borough Council [1976] 1 WLR 852, Lazarus Estates Ltd v Beasley [1956] 1 QB 702, Prest v Petrodel Resources Ltd UKSC 34, [2013], Trustor AB v Smallbone (No 2) [2001] EWHC 703, VTB Capital plc v Nutritek International Corp [2013] UKSC 5, Woolfson v Strathclyde Regional Council [1978] UKHL 5, [1] Prest v Petrodel Resources Ltd UKSC 34, [2013], [2] Spear’s, ‘Expert analysis of the Prest Judgement (Spear’s ,11 June 2013) accessed 8th March 2017, [3] French D, Mayson S & Ryan C, Company law (31st edn, OUP) 127, [6] Lowry J, and Arad Reisberg, Company Law & Corporate Finance (4th Edn, Pearson) 35, [7] Woolfson v Strathclyde Regional Council [1978] UKHL 5, [8] Lazarus Estates Ltd v Beasley [1956] 1 QB 702, [11] Woolfson v Strathclyde Regional Council [1978] UKHL 5, [15] Trustor AB v Smallbone (No 2) [2001] EWHC 703, [19] Birds J, Boyle Clark B et al, company Law (9th edn, Jordan Publishing) 60, [25] Alistair Alcock ‘piercing the veil- A dodo of a Doctrine (2013) 25 denning LJ 241,243, [26] Pey Woan Lee, ‘The Enigma of Veil- Piercing’ (2015) 26 (1) ICCLR 28, 30, [28] Prest [69] (lord Neuberger) Alistar Alcock (n 18) 250, [32] Piercing the corporate veil in the family division: Prest– the latest from the court of appeal- Trust and Trustees (2013) 19 (2) 137, [33] Piercing the corporate veil in the supreme court (again)- The Cambridge Law Journal, 72 [2013] 511-515, [35] Pennyfeathers limited v Pennyfeathers property company limited [2013] EWHC 3530 (Ch), [37] DHN Food Distributors Ltd v Tower Hamlets London Borough Council [1976] 1 WLR 852, [38] Antonio Gramsci Shipping Corp & ors v Aivars Lembergs [2013] EWCA Civ 730, [40] VTB Capital plc v Nutritek International Corp [2013] UKSC 5, [41] Bull S, ‘piercing the corporate veil in England and Singapore’ [2014] Heinonline 39,39, [44] Mujih E, ‘Piercing the corporate veil as a remedy after Prest V Petrodel resources Ltd: Inching towards Abolition’ [2016] Westlaw 17,17, [45] Akzo Nobel NV v Competition Commission [2013] CAT 13, [46] Simon McLeod- ‘The Corporate Veil And Its Piercing As Clear As?’, http://gdknowledge.co.uk/the-corporate-veil-and-its-piercing-as-clear-as/ accessed 20th February 2017, [47] Chandler v Cape plc [2012] EWCA Civ 525, [48] Akansha Dubey et al, ‘Family Law’ (2014) 3(1) 214,217, [49] Tan Cheng-Han, ‘Veil piecing- a fresh start’ (2015) 1 JBL 20,21, [50] Chrysthis N Papacleovoulou, “lifting” or “piercing”, ‘the corporate veil in Cyprus: a doctrine under challenge- an analysis of English and Cyprus case Law analysis’ (2016) 27 (4) ICCLR 129,130. Furthermore, this can be mirrored in Prest where Lady Hale and Lord Wilson doubted whether it is possible to classify all cases “neatly into cases of either concealment or evasion”[17] Therefore, even to this day there are a lot of question marks as to when and how the doctrine is applied; there are still a lot of unanswered questions which have not been dealt with. Similarly, Lord Sumption explains piercing the corporate veil means “disregarding the separate personality of the company”[10] Moreover, as per Lord Keith in Woolfson,[11] he states “it is appropriate to pierce the corporate veil only where special circumstances exist”[12] Consequently, right from the onset, there were conflicting views. This could create further confusion as to what the doctrine of piercing the corporate veil originally intended to do. In the recent case Prest v Petrodel, the doctrine of separate legal personality and the instances in which a court may pierce the corporate veil were discussed. Based on the evidence available, the Supreme Court held that the companies must be presumed to hold the properties on resulting trust for Mr Prest. VAT Registration No: 842417633. It seems that we are at a halt with the long marathon until, a case can fully apply the two provisions in Prest. Company Law Assessed Essay. Company EXAM Directors' Duties Problem Essay Lecture 2 - xxxc. On the contrary, it seems that even if the doctrine is set aside, the principles would still be applied unknowingly by judges, it would perhaps not be defined as ‘piercing the veil doctrine’. Additionally, Lord Sumption’s principle brought further opposition. Lord Mance argued that "It is dangerous to seek to foreclose all possible future situations which may arise and I would not wish to do so"[31] Furthermore, it should be considered that Prest only dealt with one specific class of asset which were held by those of corporate entities. 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. The case of Prest v Petrodel has been long awaited because of its potential to re-shape the law in relation to the piercing of the corporate veil. Contrarily to the above, despite there not being a set doctrine, it seems that the Lordships all agree on one aspect. Summary The paper seeks to critically analyse the Supreme Court’s decision in Prest (Appellant) v PETRODEL Resources and others (respondent) UKSC 34. 4 Prest v Petrodel Resources Ltd and others [2013] UKSC 34. It can be contended that, even if the doctrine is given is quietus, judges would still apply the principles of piercing the veil unknowingly. By V. Niranjan. Lord Sumption stated that there were two principles: the concealment principle which did not allow courts to lift the veil; and the evasion principle which did 41 . We're here to answer any questions you have about our services. It seems as if it is an entertaining ground for judges to see what new solution can be made this time around. More importantly, the HL emphasised that "it is only appropriate to pierce the corporate veil where the circumstances indicate that the company is merely a façade concealing true facts. Prest was of particular interest because of … She asked the court to lift the corporate veil and treat her ex-husband and the companies as being effectively the same. Lifting the corporate veil has been viewed narrowly to be the process used by the courts to either determine what exactly is going on behind the shell of incorporation. It can be indicated that if Prest was successful in providing a set answer as to what piercing the corporate veil entails then there would have been many cases which would have pierced the veil post Prest. INTRODUCTION Rogers AJA in a New South Wales case commented "there is no common, underlying principle, which underlies the occasional decision of the courts to pierce the corporate veil". Contrarily to the above, despite there not being a set doctrine, it seems that the Lordships all agree on one aspect. [27] On these grounds, this could show that the doctrine does not necessarily need to exist as the same outcome can be arrived on some other legal basis. [41] Post Prest cases such as R v McDowell[42] and R v Singh[43] shows that the superior courts exercising restraint in disturbing the principle in Salomon. In Chandler v Cape,[47] it introduced some basis for this approach whilst imposing liability on a parent company by suggesting that the parent company has a duty to the employees of its subsidiary company. Prest v Petrodel was finally adjudicated by the Supreme Court. In this regard, the very recent decision of the Supreme Court in Prest v Petrodel Resources Ltd [2013]12 has introduced a new approach at the concept of veil. It can be thus shown, that not much has changed and the decision makers are still unsure as to when the doctrine can be applied. [2] The principles of lifting the corporate veil for the past eight decades seemed to have never been wholly established as judges always contradicted each other and never reached a unanimous decision. It can be contended that the doctrine is there but, no one has yet connected the dots to see the full picture of what it entails. Law. The reception which the doctrine received forty years ago is still echoed to this day in Prest. [21] The concealment principles is “the interposition of a company or perhaps several companies so as to conceal the real actors”[22] But, he noted that this does not actually involve piercing the veil; the court is simply looking behind the façade to discover the true facts. [33] Lord Clarke argued that Sumption's distinction "the circumstances in which the doctrine apply are rare"[34] This similar reaction has been echoed in the past. However, despite this important distinction, the courts have always been wary that there must be some limit to the protection afforded by limited liability to ensure that business dealings remain honest. Mr and Mrs Prest’s high profile divorce reached the highest court in the land last month, in the full glare of the media. The interest of the whole group both financial and non- financial matters would be recognised. This was because 'references to a façade or sham beg too many questions to provide a satisfactory answer"[20] He attempted to give an explanation; He stated that the veil would be restricted to two principles: the concealment principle and the evasion principle. In an action for ancillary relief the husband argued that properties could not be transferred to the wife as they were legally owned by various companies. Furthermore, this can be mirrored in Prest where Lady Hale and Lord Wilson doubted whether it is possible to classify all cases "neatly into cases of either concealment or evasion"[17] Therefore, even to this day there are a lot of question marks as to when and how the doctrine is applied; there are still a lot of unanswered questions which have not been dealt with. If you are unsure about what you exactly need, - what it MEANS for BANKS and BUSINESSES an end-point a company in... Our range of university lectures for a narrower and clearer approach by restricting the circumstances in the., they all accepted the existence of a general common law veil as.: Venture House, cross Street, Arnold, Nottingham, Nottinghamshire, NG5 7PJ written and submitted students... 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