Thus, it would presumably apply equally to a person who transfers assets to a spouse or civil partner, rather than to a company. Tim Le Breton Petrodel Resources MD says ‘We have identified our role in the African market and whilst we are currently active in Nigeria, Tanzania, Uganda, The DRC and South Africa  the goal is the creation of a Pan African energy and power resource providing affordable energy and power to the people’s of the African Continent’. ADVANCED DRILLING SOLUTIONS PETRODEL is an industry leader in the delivery of oilfield services. Inbound Travel Restrictions. Lord Clarke concurred. A clear divide emerged between family practitioners, who warned of a ‘cheat’s charter’, and company practitioners keen to protect the long-established principle of separate corporate personality. Part I – Prest 2. In many, perhaps most cases, the occupation of the company's property as the matrimonial home of its controller will not be easily justified in the company's interest, especially if it is gratuitous. The company was established 15 years ago and is engaged in business in over 20 African nations. Prest v Petrodel Resources Ltd emphasises the importance of properly and transparently running companies. In this case the reality is plain. 16. The impropriety must be linked to the use of the company structure to avoid or conceal liability. [7] The husband's properties were worth approximately £37.5 million, and therefore the wife's fair award was valued at £17.5 million.[8]. However, in the recent landmark decision of Prest v Petrodel Resources Ltd and others [2013] UKSC 34 (“Prest v Petrodel”), the UK Supreme Court has attempted to clearly enunciate the core legal principles behind piercing the corporate veil. And if the formulation is intended to go wider than the application of "fraud unravels everything", it seems to me questionable whether it would be right for the court to take the course of arrogating to itself the right to step in and undo transactions, save where there is a well-established and principled ground for doing so. Petrodel and Shoreline know from experience that the challenges and demands that face Africa today are unique and as such require tenable solutions which can only be provided by companies like Petrodel and Shoreline who are prepared to make a long term commitment to the continent while at the same time adhering to the highest professional standard in corporate governance. It may be an abuse of the separate legal personality of a company to use it to evade the law or to frustrate its enforcement. Mr Prest wholly owned and controlled (directly or indirectly, through intermediate entities) a number of non-UK resident companies which, between them, owned seven residential properties in the UK. PETRODEL has accumulated an extensive fleet of flexible, mobile oilfield equipment that can meet the challenging demands of the oil and natural gas industry. Prest v Petrodel Resources Ltd [2013] UKSC 34, [2013] 2 AC 415 is a leading UK company law decision of the UK Supreme Court concerning the nature of the doctrine of piercing the corporate veil, resulting trusts and equitable proprietary remedies in the context of English family law. Better Business Bureau helps Washington consumers find businesses and charities they can trust. Prest v Petrodel Resources Ltd [2013] UKSC 34. In the converse case, where it is sought to convert the personal liability of the owner or controller into a liability of the company, it is usually more appropriate to rely upon the concepts of agency and of the "directing mind".