Has the significance of Yasmin Prest's divorce battle victory been overplayed?
The case of Petrodel v Prest has pitted family lawyers against their commercial colleagues. The former have been shouting ‘fairness’ (for families) while the latter retort ‘but that’s not company law’. As presaged among legal commentators, the Supreme Court has found a ‘third way’ to soothe the warring factions but, like many ‘third ways’, it potentially throws up more problems and more opportunities for litigation than it solves…
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This decision represents a welcome return to the ‘pay for what you use’ principle and strikes a fairer balance between different creditor and expense groups.
Winckworth Sherwood has provided a summary of the Trusts (Capital and Income) Act 2013.