Much anticipated judgment to be delivered on 12th June 2013.

The Supreme Court will deliver its judgment in Petrodel Resources Limited and others v Prest on Wednesday, 12th June.

The hearing took place on the 5th and 6th March before Lord Neuberger of Abbotsbury, Lord Walker of Gestingthorpe, Lady Hale of Richmond, Lord Mance of Frognal, Lord Clarke of Stone-cum-Ebony, Lord Wilson and Lord Sumption.

The Court has considered whether it is open to the court in financial remedy proceedings to treat the assets of a company of which a spouse is the sole controller as being assets to which that spouse is ‘entitled’ for the purposes of s 24(1)(a) Matrimonial Causes Act 1973.

The appellant wife brought financial proceedings ancillary to her divorce from her husband. The husband was ordered to pay a lump sum of £17.5m to the wife, which he has not paid. The respondents are all Isle of Man companies under the control of the husband. The wife obtained an order that real property held by the respondents should be transferred to her so as to reduce the lump sum order. The respondents successfully appealed against that order.

Family Law Week will have the benefit of contributions by two leading family law silks to explain the implications of the judgment. John Wilson QC of 1 Hare Court will be writing an article which will be published shortly after the Supreme Court decision. A podcast by James Turner QC of 1 King’s Bench Walk will also be available to all our CPD subscribers very soon.

The Court of Appeal judgment is available here.

SOURCE: Family Law Week