Prest v Petrodel Resources Ltd: A Cautious Approach Required for Future Application
39 Pages Posted: 16 May 2016 Last revised: 20 May 2016
Date Written: 2014
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: Suggested Citation