6. 17 Prest v Petrodel Resources Ltd [2013] 3 WLR 1 at [29]. 4 Cap 50, 2006 Rev Ed. 4 Prest v Petrodel Resources Ltd and others [2013] UKSC 34. This article will critically evaluate the significance of the Prest v Petrodel Resources Ltd[1] decision in light of the corporate veil doctrine. 8, Lord Sumption said separate personality and property of a company is sometimes described as a fiction, and in a sense it is. 2 Prest v Petrodel Resources Ltd [2013] 3 WLR 1 at [8], per Lord Sumption. One of the companies was the legal owner of five residential properties in the UK and another was the legal owner of two more. 16 Prest v Petrodel Resources Ltd [2013] 3 WLR 1 at [29]–[30]. But fiction is the whole foundation of English company and insolvency law i.e. 5 ibid [27], [89], [99]. The “well-recognised 3 Manuchar Steel Hong Kong Ltd v Star Pacific Line Pte Ltd [2014] 4 SLR 832 at [90], per Lee Kim Shin JC. 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 … The case provides a framework for an examination of a number of issues relating to the veil-piercing rule. Supreme Court’s decision in Prest v Petrodel Resources Ltd with a view to determining whether the decision is a step towards the abolition of piercing the corporate veil doctrine. 7. Yasmin Prest. 1 Prest v Petrodel Resources Ltd [2013] 3 WLR 1 at [8], per Lord Sumption. This essay will argue the decision has done little to fault the Salomon principle. 2016 Contriutor(s) and Singapore Academy of Law. 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 . In Prest v Petrodel at para. basis on which parties deal with companies. 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 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. 18 Prest v Petrodel Resources Ltd [2013] 3 WLR 1 at [30]. 5 [1897] AC 22. 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 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”). 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