Piercing the Corporate Veil during Divorce Proceedings
In the case of Prest v Petrodel Resources and Others, the judges decided that the husband had, at all relevant times, been the beneficial owner of seven residential properties in the UK, held via two companies, and that they were being held on resultant trust for him. Because of that ruling the wife could have a proportion of the properties conveyed to her on divorce. In other words the judges “pierced the corporate veil”.
The implications of this decision could be pretty major. Parties need to consider their options in terms of protecting their assets.
If you feel you would like to know more about protecting your assets please contact us on 01246 560560