The Supreme Court today won fans in the family law community who praised the court for its innovative approach to the big-money divorce case, Prest v Petrodel.
In allowing the appeal by Mrs Prest the court has chosen not to get involved in a philosophical debate about whether the courts should either enforce the law or deliver justice. Instead it has found a third way and done both.
By finding that Mr Prest’s seven investment properties were in fact held on trust the court allowed Mrs Prest – advised by Farrers – to pierce the corporate veil and have access to those properties.
It is a ruling which, lawyers are lining up to tell us, will have implications for anyone tied up in a big money divorce battle.
The lawyers have been queuing up since yesterday to get their pennies worth in on this one. Lawyers from here to Timbuktu dished out their views yesterday afternoon, long before the first sniff of a judgement this morning. “We think this,” the market yelled over afternoon crumpets, “listen to us!”.
We are listening and get it, this is one for that will be studied for years to come.
● Partners, don’t forget to complete the five-minute The Lawyer Management operational survey
Also on TheLawyer.com:
- Paul Hastings’ London office has taken an advisory role for the corporate finance group behind a plan to distribute shares in RBS and Lloyds Banking Group to the public as part of the banks’ planned privatisations
- DAC Beachcroft international senior partner Danny Gowan is to retire prompting a shakeup of the firm’s board.
- Dentons partners are set to vote on the termination of the firm’s office in Kuwait, with the news coming alongside New York outfit Curtis Mallet-Prevost Colt & Mosle’s closure of its own short-lived base in the Middle East state