Prest v Petrodel Resources Ltd: A Cautious Approach Required for Future Application

39 Pages Posted: 16 May 2016 Last revised: 20 May 2016

See all articles by Caleb McConnell

Caleb McConnell

Victoria University of Wellington, Faculty of Law, Student/Alumni

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Date Written: 2014

Abstract

The majority of commentary in the wake of Prest v Petrodel Resources Ltd has focused on the Supreme Court’s discussion of a court’s jurisdiction to pierce the corporate veil. This has overshadowed the Court’s decision to recognise a resulting trust, which achieved the same result as if the Court had pierced the corporate veil. The focus of this paper is on the Court’s recognition of a resulting trust. By assessing the position of key stakeholders affected by this decision, the author argues that any further application of Prest in New Zealand should be approached with caution.

Keywords: Resulting Trust, Family Law, Corporate Law, Equity, United Kingdom Supreme Court

JEL Classification: K10, K22

Suggested Citation

McConnell, Caleb, Prest v Petrodel Resources Ltd: A Cautious Approach Required for Future Application (2014). Victoria University of Wellington Legal Research Paper, Student/Alumni Paper No. 13/2016, Available at SSRN: https://ssrn.com/abstract=2779918

Caleb McConnell (Contact Author)

Victoria University of Wellington, Faculty of Law, Student/Alumni ( email )

PO Box 600
Wellington
New Zealand

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