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non-disclsoure | 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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