In a recent case the Court said no!

In the matter of Prest v Petrodel Resouces Limited and Others [2013] UKSC 34, the wife claimed that certain properties which were owned by companies controlled by her ex-husband, should be signed over to her.

Lord Sumption in the Supreme Court agreed that in some circumstances the corporate veil could be pierced but only when a person is already under an existing legal obligation or liability and he deliberately puts assets into limited companies to protect them.

It is important for anybody facing financial difficulties, whether personally, directors of limited companies or partnerships, to seek advice from a licensed insolvency practitioner as soon as possible.

To take advantage of our free consultation, please telephone Stella Flemmings on 01377 257788, 01724 230060 or 01904 520116 and she will make you an appointment with one of our insolvency professionals at our Driffield, Scunthorpe or York offices.

Redman Nichols Butler has had a York office for over five years and specialises in advising SME businesses in York and North Yorkshire including York, Ripon and Harrogate.  The York office address is Westminster Business Centre, Nether Poppleton, York, YO26 6RB.