Thursday, 3 January 2013

UK: Supreme Court to hear Petrodel appeal in March

Last October, as noted here, the Court of Appeal gave judgment in Petrodel Resources Ltd v Prest [2012] EWCA Civ 1395. The majority provided a strong endorsement of the company's separate legal personality and its application in family proceedings. Indeed, Rimer LJ stated: "... the separate corporate identity of a company is a fact of legal life that all courts are required to recognise and respect, whatever jurisdiction they are exercising". A summary of the decision is available here.

The court's decision provoked controversy and it is not surprising that a relatively prompt appeal hearing before the Supreme Court will take place in a couple of months' time: see here (pdf). The Panel will comprise of Lady Hale and Lords Neuberger, Walker, Mance and Wilson. Three of these justices (Lords Neuberger, Mance and Wilson) heard argument last year in another case concerning the corporate veil, VTB Capital plc v Nutritek International Corp, the judgment for which has not yet been handed down.

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