Divorce - Hiding Matrimonial Assets behind the corporate veil | Parental Responsibility | Scoop.it
Husband who tied up his wealth within a limited company may be able to avoid having to transfer company assets in his Divorce Proceedings.

 

The case of Petrodel Resources Ltd v Prest [2012] will now be heard in the Supreme Court (formerly the House of Lords) following the controversial judgement made by the Court of Appeal that the husband in the proceedings, Mr Prest, need not transfer ownership of 14 properties to his wife as part of a divorce settlement.

 

The case raises the question of whether or not the Family Court has the jurisdiction to order the transfer of properties belonging to companies owned by one or both of the parties in financial remedy proceedings on divorce.

 

The 14 properties in various countries belong to a number of companies, including a Nigerian oil company called Petrodel Resources, which was co-founded by Mr Prest.