Prest v Petrodel Resources Ltd emphasises the importance of properly and transparently running companies. Company EXAM Directors' Duties Problem Essay Lecture 2 - xxxc. It was of key interest as it was a legal cross over between family law and company law. It seems that it is going around in a vicious circle without reaching an end-point. UKSC 2013/0004. Appeal allowed unanimously. 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. [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. All work is written to order. [16] Hence, this suggests that there is no clear structure to be followed. 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. Moreover, another approach could be piercing the veil by removing limited liability towards involuntary creditors, notably tort victims. 03 October 2013. Prest v Petrodel Resources Ltd & Ors [2013] UKSC 34 (12 June 2013) March 22, 2018/in Company /Private Law Tutor. 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. 5 ibid [27], [89], [99]. There is one basis which all judges approve which is that the veil is only to be pierced in exceptional circumstances. [35] It is said to be a better example of facts for giving rise to the principle of piercing the veil. The whole concept of lifting the veil was derived from Salomon v Salomon [4] where corporate veil was established. She asked the court to lift the corporate veil and treat her ex-husband and the companies as being effectively the same. The Bryan Cave Leighton Paisner (BCLP) Private Client team advises international high and ultra-high net worth individuals and their families on all matters affecting their business, personal and family wealth, as well as the institutions entrusted with the effective management of that wealth. The general press comment centred upon the former wife obtaining her “just rewards” whereas the legal commentary focussed on … To export a reference to this article please select a referencing stye below: If you are the original writer of this essay and no longer wish to have your work published on UKEssays.com then please: Our academic writing and marking services can help you! This could perhaps create more clarity in the sense that decision makers would know what is not meant to be included in the doctrine. Moreover, another approach could be piercing the veil by removing limited liability towards involuntary creditors, notably tort victims. This decision can be derived from another legal basis but, it will have the same outcome. 42 L Stockin ‘Piercing the corporate veil: reconciling R. v Sale, Prest v Petrodel Resources Ltd and VTB Capital Plc v Nutritek International Corp’ (2014) 35(12) Company Lawyer 365. Prest narrowed the circumstances in which the doctrine may apply thus, this could show that decision makers are near the end of a long marathon. 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'. It would possibly be applied in conjunction with other laws which would have the same effect and outcome as piercing the corporate veil. Do you have a 2:1 degree or higher? Prest v Petrodel Resources Limited and others [2013] UKSC 34. Published Date: 28 Jul 2017 It seems that the judges only deal with these when and how it comes. If you need assistance with writing your essay, our professional essay writing service is here to help! This could perhaps create more clarity in the sense that decision makers would know what is not meant to be included in the doctrine. Could this perhaps suggest that it is better to abandon the doctrine as a whole rather than to try and figure out what the principle actually proposes to do. On the other side of the coin, it would be less harmful than having ambiguous rules. 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. Registered Data Controller No: Z1821391. 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. Therefore, the properties could be … 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. 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". Company law. The whole concept of lifting the veil was derived from Salomon v Salomon[4] where corporate veil was established. Thus, even if it is given its quietus, the doctrine would still be there transparently. Related Studylists. 4485 words (18 pages) Essay 22nd Dec 2020 Law Reference this 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. In Prest, Lord Sumption argued for a narrower and clearer approach by restricting the circumstances in which the veil may be pierced. [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. The problem was compounded by the absence of any independent directors on … 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. Contrarily to the above, despite there not being a set doctrine, it seems that the Lordships all agree on one aspect. It can be contended that, even if the doctrine is given is quietus, judges would still apply the principles of piercing the veil unknowingly. Undoubtedly, Lord Neuberger drew different conclusions regarding the application of the principle. Company Law Assessed Essay. Information contained within this essay does not constitute legal advice or guidance and is intended for educational purposes only. [48] However, it can be contemplated that slightly narrowing a doctrine which Supreme Court judges do not agree with does not mean that it is progressive. It seems that we are at a halt with the long marathon until, a case can fully apply the two provisions in Prest. 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. 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. 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. 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. Judgment (PDF) Press summary (PDF) Judgment on BAILII (HTML version) Judicial … 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. To conclude, it has been suggested by academic commentary that the decision reflects a ‘progressive trend of restricting the doctrine’. Neutral citation number [2013] UKSC 34. [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. Justices. He argued that there is not much support for the doctrine. 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’. Furthermore, there could be an extension which established distinct body rules for corporate groups such as in Germany. This further shows that we are no closer to an answer of lifting the corporate veil. [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. One of Mr Prest’s failings was to provide funding without properly documented loans or capital subscription. No plagiarism, guaranteed! 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. 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. 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. Company EXAM Directors' Duties Problem Essay Lecture 2 - xxxc. However, these cases are and will remain exceptional. Mr and Mrs Prest (who had dual British and Nigerian citizenship) had their matrimonial home in London but it was determined by the court that Mr Prest was based in Monaco. 43 Para 92 per Baroness Hale. Over the past eighty years, there has been many interpretations. 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. The reception which the doctrine received forty years ago is still echoed to this day in Prest. On the other side of the coin, it would be less harmful than having ambiguous rules. [26] Most significantly, Neuberger also found that in cases where piercing the veil was considered, it either did not apply in the facts, or it was applied on the facts but the results could have been arrived at on some other legal basis. 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. When the history of the corporate veil is written, the year 2013 will perhaps be given as much prominence as the year 1897. 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'. On the other hand, Lord Neuberger who had initially been in favour of giving the doctrine its quietus because it had been misapplied in the eighty years indicates that the obiter by Lord Sumption is very influential and could prove to be important in future cases. It can be disputed that this is a never ending vicious circle. Thus, even if it is given its quietus, the doctrine would still be there transparently. In Petrodel, Mr Prest was found to have procured the transfer of various residential properties to companies which he owned and controlled and in so doing, had received no consideration from the companies. Most recently, analysed by Lord Sumption where he identified the concealment and evasion principle. Other related documents. Additional Info. Today, the UK Supreme Court allowed '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.' Undoubtedly, Lord Neuberger drew different conclusions regarding the application of the principle. 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. [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. Facts: Mr Prest was an oil-trader. Business & Employment Law lecture 1 notes Company LAW - Lecture Notes I. Recommend to Library. 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. Prest v Petrodel Resources Ltd 40, the most recent decision of the Supreme Court on the issue, has not clarified the matter. This could perhaps be a starting point of a well-established doctrine. It can be contended that, even if the doctrine is given is quietus, judges would still apply the principles of piercing the veil unknowingly. [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. Company Registration No: 4964706. This could create further confusion as to what the doctrine of piercing the corporate veil originally intended to do. Other related documents. There has been extensive discussion as to whether a court can ignore the principle of separate legal personality and treat a company's property, rights and obligations as belonging to a person who owns and controls the company. Facts. However, this could prevent flexibility of the courts whilst it faces complex issues which cannot be foreseen by statute. Contrarily to the above, despite there not being a set doctrine, it seems that the Lordships all agree on one aspect. This serves as acknowledgement it is still possible to pierce the corporate veil but only as an absolute last resort. Company. [24] However, despite the two approaches being somewhat clear; Lord Alcock observes that "care must be taken because none of the other six justices of the Supreme Court agreed with Lord Sumption without some qualifications"[25] He also points out that there is substantial uncertainty surrounding the operation of the evasion principle. This could create further confusion as to what the doctrine of piercing the corporate veil originally intended to do. It will present the view the Law Lords had of the “doctrine” to show it was not clear. Introduction. Prest v Petrodel was finally adjudicated by the Supreme Court. About us; Jobs; Blog; Dutch Website ; Contact & Help. 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. For more details, view our copyright notice. [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. 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. It will be argued that the law should not be given its quietus as it seems that judges are somewhat getting closer to an answer. Prest brings a new kind of uncertainty. 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. 44 Stockin (n43) 365. This article will critically evaluate the significance of the Prest v Petrodel Resources Ltd[1] decision in light of the corporate veil doctrine. Summary The paper seeks to critically analyse the Supreme Court’s decision in Prest (Appellant) v PETRODEL Resources and others (respondent) UKSC 34. Get in touch with our dedicated team to discuss about your requirements in detail. If you are unsure about what you exactly need, The wife was granted a divorce in 2008. 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