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Prest v Petrodel Resources Ltd [2013] UKSC 34, [2013] 2 AC 415 is a leading UK company law decision of the UK Supreme Court concerning the nature of the doctrine of piercing the corporate veil, resulting trusts and equitable proprietary remedies in the context of English family law. [1]
At the Commonwealth Institute with Mr. Kenneth Bradley, C. M. G., (centre) Director of the Institute, and Chief Arthur Prest (right), Acting High Commissioner for the Federation of Nigeria. Prest was born in February 1906 to a white English father from Liverpool who was a ship's captain and a merchant trader, and an Itsekiri royal Nigerian ...
VTB Capital plc v Nutritek International Corp [2013] UKSC 5, [2013] 2 AC 337 is an English company law case, concerning piercing the corporate veil for fraud.. Together with the subsequent decision of the Supreme Court later the same year in Prest v Petrodel Resources Ltd [2013] UKSC 34 the Supreme Court substantially restated the English company law position in relation to piercing of the ...
v. t. e. Piercing the corporate veil or lifting the corporate veil is a legal decision to treat the rights or duties of a corporation as the rights or liabilities of its shareholders. Usually a corporation is treated as a separate legal person, which is solely responsible for the debts it incurs and the sole beneficiary of the credit it is owed.
The case has been cited with approval on several occasions, including in Prest v Petrodel Resources Ltd and Re D'Jan of London Ltd. In Re D'Jan of London Ltd , Hoffman LJ (sitting as an additional judge of first instance) clarified that it was not sufficient that the members of the company would have ratified the director's improper acts, but ...
Adams v Cape Industries plc [1990] Ch 433 is a UK company law case on separate legal personality and limited liability of shareholders. The case also addressed long-standing issues under the English conflict of laws as to when a company would be resident in a foreign jurisdiction such that the English courts would recognise the foreign court's jurisdiction over the company.
Salomon v A Salomon & Co Ltd. Salomon v A Salomon & Co Ltd [1896] UKHL 1, [1897] AC 22 is a landmark UK company law case. The effect of the House of Lords' unanimous ruling was to uphold firmly the doctrine of corporate personality, as set out in the Companies Act 1862, so that creditors of an insolvent company could not sue the company's ...
Jonathan Sumption, Lord Sumption. Jonathan Philip Chadwick Sumption, Lord Sumption, OBE, PC, FSA, FRHistS, KC (born 9 December 1948), is a British author, medieval historian, former senior judge who sat on the Supreme Court of the United Kingdom between 2012 and 2018, and a current Non-Permanent Judge of the Hong Kong Court of Final Appeal ...