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companies | Cambridge Family Law Practice

Freshly Prest: how to extract cash from an oil baron

By | financial, Law news, News | No Comments

This morning the Supreme Court handed down its long awaited decision in the case of Petrodel v Prest. This case hinges on the power of the family courts to “pierce the corporate veil” in order to satisfy divorce claims. The Supreme Court press summary is here if you’d like the official version, or stick with us for the highlights. Michael Prest is a reclusive oil baron worth a reputed £37.5m, although his repeated failures to disclose his assets have meant that at best that figure is approximate. In 2011 he was ordered to pay his former wife Yasmin £17.5m, which…

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Family law: Prest into a corner

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[Update: the case did go to the Supreme Court and you can find out what happened here.] To warn you: this is one of our rare blogs about new case law. We don’t talk hardcore law very often (we aim to raise awareness about practical matters surrounding divorce/dissolution and a lot of the decisions that come out of the courts are peripheral to this), but this is important so we thought we couldn’t let it slip by. A couple of weeks ago the Court of Appeal released a judgment in the case of Petrodel v Prest that restricts the ability…

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