Thursday, 31 January 2013

UK: Supreme Court to hand down VTB Capital judgment next week

The Supreme Court has announced that it will hand down its judgment in VTB Capital plc (Appellant) v Nutritek International Corp and others (Respondents) next Wednesday. One of the issues before the court, as explained in the court's summary, was this: if a person uses a puppet company to enter a contract with a third party in order to perpetrate fraud on that third party, can the court pierce the corporate veil and treat that person as a party to the contract? The Court of Appeal held that this could not be done: see [2012] EWCA Civ 808.

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