What is the ratio in Prest v Petrodel Resources?

The corporate veil can only be pierced where someone uses the corporate form improperly to evade an existing legal obligation.

What did the court decide in Prest v Petrodel Resources?

The Supreme Court allowed the appeal but on concealment grounds, finding properties were held on trust rather than requiring veil piercing.

It definitively clarified the restrictive test for veil piercing and cleaned up decades of confused jurisprudence on corporate personality.

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