Prest v Petrodel Resources – 10 Years On
Did it put the law (back) into Family Law, or do we want our alter egos back?
On 12 June 2013, the Supreme Court handed down judgment in Prest v Petrodel Resources Ltd & Ors [2013] UKSC 34, a landmark case on company assets and corporate veil-piercing in family proceedings. In so doing, the Supreme Court confirmed that the Matrimonial Causes Act 1973 did not give the Family Courts any special power to cut across long established company law with what had become known as the “alter ego principle”, and instead directed it to the use of long established trust law, and in very limited circumstances, corporate-veil piercing.
In the 10 years since that judgment, what has been the impact of this decision on enforcing and extracting assets from corporate structures in financial remedy cases? Has it hindered or helped? Has there been the predicted rise in forensic arguments over resulting trusts? With the current review of the Matrimonial Causes Act 1973, is it time to consider the return of the “alter ego” principle?
Winckworth Sherwood’s Family Team would be delighted if you could join them and their esteemed panel of speakers for a very special anniversary debate as they address these questions further in “Prest v Petrodel Resources – 10 Years On” on 28 November 2023, in the library of Southwark Cathedral.
The event will commence at 6.00pm with a short question and answer session on the new Trust Registration Service and Registration of Overseas Entities and how these might be of use in disclosure in financial remedy proceedings with chancery specialist, Tiffany Scott KC (Wilberforce Chambers) and family law specialist, Max Turnell (1KBW).
The debate will follow, kindly chaired by Lord Wilson, one of the Supreme Court justices who decided Prest v Petrodel Resources.
Speaking in favour of the return of the alter ego:
- Richard Todd KC, 1 Hare Court (Mrs Prest’s leading counsel)
- Stephen Trowell KC, 1 Hare Court (Mrs Prest’s then junior counsel)
- Alex Potts KC, 4 Pump Court
Speaking against the return of the alter ego:
- Tim Amos KC, QEB (Petrodel Resources Ltd’s leading counsel)
- Ben Shaw KC, Erskine Chambers (Petrodel Resources Ltd’s then junior counsel)
- Thomas Grant KC, Wilbeforce Chambers
You are then invited to join us for drinks.
To register to attend please click on the link. If you have any queries please contact events@wslaw.co.uk
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