Divorce and company assets — when can the corporate veil be pierced?
Yasmin Prest, married to Nigerian oil tycoon Michael Prest, won her landmark divorce ruling when the Supreme Court ordered Mr Prest’s companies to transfer to her a number of properties, including the family home, as part of her lump-sum award. The decision has been widely reported as clashing with company law and its well-established concept of the ‘corporate veil’.
The couple married in 1993 and spent most of their married life living in London. They had four children and enjoyed an opulent lifestyle with properties in London, the Caribbean and Nigeria. Mr Prest conducted his oil business through a series of companies collectively known as ‘the Petrodel Group’, all registered offshore.
The marriage broke down in 2008 and Mrs Prest petitioned for divorce and applied for financial relief. The High Court ordered Mr Prest to pay his wife a lump sum of £17.5m…
If you are registered and logged in to the site, click on the link below to read the Winckworth Sherwood briefing. If not, please register or sign in with your details below.
Sign in or Register to continue reading this article
It's quick, easy and free!
It takes just 5 minutes to register. Answer a few simple questions and once completed you’ll have instant access.Register now
Why register to The Lawyer
In-depth, expert analysis into the stories behind the headlines from our leading team of journalists.
Identify the major players and business opportunities within a particular region through our series of free, special reports.
Receive your pick of The Lawyer's daily and weekly email newsletters, tailored by practice area, region and job function.
More relevant to you
To continue providing the best analysis, insight and news across the legal market we are collecting some information about who you are, what you do and where you work to improve The Lawyer and make it more relevant to you.
News from Winckworth Sherwood
News from The Lawyer
Briefings from Winckworth Sherwood
Recent changes are good news for the licensed trade.
An overview of the main changes outlined by the Chancellor.