Antonia Barker outlines P v P, which sheds light on the circumstances in which a trust will be considered a nuptial settlement ‘Practitioners should be aware that even where the ultimate trust is not a nuptial settlement, any individual settlement of an asset into that trust, or even the right to occupy a trust property, …
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Mark Harper and Will MacFarlane discuss M v M, which has lessons on attacking real estate held by offshore companies ‘Both Prest and M v M are examples of the Family Division having to apply complex principles of property law.’ For those who advise clients as to how to structure the purchase of UK real …
Continue reading "Trusts And Divorce: Striving for a fair result?"
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Clare Arthurs and Alex Fox reflect on the Supreme Court judgment in Nutritek The Supreme Court clearly declined to extend the circumstances in which the corporate veil may be pierced. The corporate veil has been in the limelight of late. The Court of Appeal in VTB Capital v Nutritek International Corp [2012] kept it drawn …
Continue reading "Company: Dance of the corporate veil"
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Prest shows that family judges must uphold company law when considering what constitutes the matrimonial pot, as James Copson discusses Where Family Division judges have fallen into error time and again has been their reliance on what Cumming-Bruce LJ referred to as ‘abundant authority’ in Nicholas that the veil can be lifted if there are …
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James Copson analyses the impact of Petrodel v Prest and the repercussions for family lawyers Rimer LJ made it clear that the husband helping himself to the companies’ assets did not alter the status of the companies as separate entities from the owner of their shares. The Court of Appeal decision in Petrodel v Prest …
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Patricia Robinson considers best practice when dealing with disclosure The parties’ duty to the court to provide full, frank and clear disclosure is absolute, and also a breach by commission is serious and amounts to plain perjury, whereas a breach by omission can be excused as an oversight. As set out in the Family Procedure …
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Clare Arthurs assesses a recent challenge to corporate protection VTB’s original case was pleaded in deceit and unlawful means conspiracy. The judge overturned the permission VTB had obtained (ex parte) to serve proceedings out of the jurisdiction. The expression ‘Piercing the corporate veil’ is a neat turn of phrase, but what does it actually mean? …
Continue reading "Commercial: To pierce or not to pierce? The Court of Appeal protects the corporate veil"
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Wills & Trusts Law Reports | April 2012 #118The husband (H) and the wife (W) were both 65, having married in 1980. There was one child of the marriage (C), aged 25. The former matrimonial home was Green Farm, a substantial property set in 72 acres in Kent. Trust assets fell to be divided following divorce.
In order to mitigate tax on the floatation of his company (ABC), two Jersey trusts were created by H in 1994 (No. 1 Trust and No. 2 Trust) and a company incorporated in the British Virgin Island called Giloch Investments Ltd (Giloch). No. 1 Trust was a discrertionary trust for a class of beneficiaries comprising H, W, C, ...
Deborah Clark provides an update on family investment companies ‘The ability to accumulate dividend income tax free and other profits at lower tax rates means that over a 20-year period, especially where the FIC has pursued a strategy of investing for income, a FIC can outperform other investment vehicles such as investment bonds, a private …
Continue reading "Tax Planning: Keeping it in the family"
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