Prest v Petrodel Resources Ltd & Ors [2013] UKSC 34 (12 June 2013) March 22, 2018/in Company /Private Law Tutor. Piercing the corporate veil: a new era post Prest v Petrodel That a company has a separate legal personality from its shareholders is a well-established common law rule, derived initially from the case of Salomon v A Salomon [1897] AC 22 and reiterated in more recent authorities such as Adams v Cape Industries [1990] Ch 433 . The “well-recognised In Prest v Petrodel Resources Ltd [2013] UKSC 34, the UK Supreme Court has recently reviewed the English law in this area, concluding that the Court has … 8, Lord Sumption said separate personality and property of a company is sometimes described as a fiction, and in a sense it is. 4 Cap 50, 2006 Rev Ed. 7. Analysis is undertaken of the judgment in Prest and of how judges have adapted and applied this judgment in subsequent cases. 16 Prest v Petrodel Resources Ltd [2013] 3 WLR 1 at [29]–[30]. The appeal concerns the position of a number of companies belonging to the Petrodel Group which were wholly owned and controlled by Michael Prest, the husband. 2 Clarke described the principle of ‘veil-piercing’ as a doctrine.6 Lord Walker, however, was reluctant in adopting such terminology.7 8He doubted the existence of an independent doctrine of ‘veil-piercing’, since 1 Prest v Petrodel Resources Ltd [2013] 3 WLR 1 at [8], per Lord Sumption. 5 [1897] AC 22. This essay will argue the decision has done little to fault the Salomon principle. Prest v Petrodel [2013] UKSC 34: Returning To The Doctrinal Roots Of Corporate Veil-Piercing Introduction Fundamental to the theory, study and practice of company law is the doctrine of separate legal personality as established in Salomon v Salomon [1897] AC 22 (“Salomon v Salomon”). 2 Prest v Petrodel Resources Ltd [2013] 3 WLR 1 at [8], per Lord Sumption. basis on which parties deal with companies. In Prest v Petrodel at para. 17 Prest v Petrodel Resources Ltd [2013] 3 WLR 1 at [29]. This article examines the judicial approach to the corporate veil post-Prest v Petrodel Resources Ltd. But fiction is the whole foundation of English company and insolvency law i.e. Prest v Petrodel Resources Ltd [2013] 2 A.C. 415 Andrew Bowen QC Introduction “Piercing the corporate veil” is a convenient label used to identify cases in which the courts have granted relief which appears at first blush to involve disregarding the separate legal No part of this document may e reproduced without permission from the copyright holders. Yasmin Prest. 19 [2000] 2 BCLC 794. The case provides a framework for an examination of a number of issues relating to the veil-piercing rule. 2016 Contriutor(s) and Singapore Academy of Law. 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