Hiding Behind a Global Network of Companies: : Distinct Legal Entity and Piercing the Corporate Veil / Akhileshwar Pathak.

Format:

Book

Author/Creator:

Pathak, Akhileshwar, author.

Series:

SAGE business cases.

SAGE business cases

Language:

English

Subjects (All):

Business ethics--Case studies.

Business ethics.

Physical Description:

1 online resource

Place of Publication:

London : SAGE Publications: SAGE Business Cases Originals, 2025.

Summary:

In the 1990s, Michael Prest was an ambitious business entrepreneur who created an international network of companies as vehicles for doing business and managing his vast wealth. When Prest and his wife Yasmin divorced in 2008, these companies and Michael Prest's wealth came under scrutiny in a landmark UK company law case. Michael Prest's companies were incorporated in different jurisdictions, including the Isle of Man, Nigeria, and Nevis. During the divorce proceedings, British courts did not have jurisdiction over the foreign companies, and several London real estate properties were owned by the Isle of Man company and not by Michael Prest himself. Thus, when it came to assessing Michael Prest's personal wealth and a settlement award, his wife Yasmin had little recourse. Students will be asked to apply the principle of distinct legal entity, and the narrow exception of piercing the corporate veil, to explore how Michael Prest's personal wealth should have been treated and distinguished from the assets of these companies.

Notes:

Description based on publisher supplied metadata and other sources.

ISBN:

9781071955956

1071955950

OCLC:

1483993155