YP v MP [2011] EWHC 2956 (Fam) (04 October 2011)

YP v MP [2011] EWHC 2956 (Fam) (04 October 2011)

The husband failed to provide full and frank disclosure and is found to be the beneficial owner and controller of the respondent companies. The court is satisfied that the companies hold certain properties and shares on trust for the husband or as his nominee. Orders can be made directly against those assets under section 24(1)(a) Matrimonial Causes Act 1973. The husband's attempts to frustrate the proceedings and his lack of candour justify drawing adverse inferences as to his wealth.

Citation
[2011] EWHC 2956 (Fam)
Parties
Applicant: YP; First Respondent: MP; Second Respondent: Petrodel Resources Limited; Third Respondent: Petrodel Resources Nigeria Limited; Fourth Respondent: Petrodel Upstream Limited; Fifth Respondent: Vermont Petroleum Limited; Sixth Respondent: Elysium Diem Limited; Seventh Respondent: Petrodel Resources Nevis Limited; Eighth Respondent: Elysium Diem Limited Nevis
Jurisdiction
England and Wales
Judgment Date
04 October 2011
Procedural Posture
Ancillary Relief (financial Remedy) Following Divorce / Final Judgment at First Instance
Outcome
Ancillary relief granted in favour of the applicant (wife). Orders made against properties and shares held by companies found to be held on trust or as nominee for the husband.
Legal Topics
Ancillary Relief, Piercing the Corporate Veil, Disclosure Obligations, Trusts and Beneficial Ownership, Maintenance Pending Suit
Family Law Company Law Ancillary Relief Piercing the Corporate Veil Disclosure Obligations Trusts and Beneficial Ownership Maintenance Pending Suit

Case Brief

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Parties

YP

Applicant

MP

First Respondent

Petrodel Resources Limited

Second Respondent

Petrodel Resources Nigeria Limited

Third Respondent

Petrodel Upstream Limited

Fourth Respondent

Vermont Petroleum Limited

Fifth Respondent

Elysium Diem Limited

Sixth Respondent

Petrodel Resources Nevis Limited

Seventh Respondent

Elysium Diem Limited Nevis

Eighth Respondent

Procedural Posture

Ancillary Relief (financial Remedy) Following Divorce / Final Judgment at First Instance

Legal Issues

  1. 1 Extent of the husband's wealth and interest in respondent companies
  2. 2 Whether the court can make orders directly against properties and shares held by companies controlled by the husband
  3. 3 Whether the corporate veil can be pierced or assets treated as held on trust for the husband

Ratio Decidendi

The husband failed to provide full and frank disclosure and is found to be the beneficial owner and controller of the respondent companies. The court is satisfied that the companies hold certain properties and shares on trust for the husband or as his nominee. Orders can be made directly against those assets under section 24(1)(a) Matrimonial Causes Act 1973. The husband's attempts to frustrate the proceedings and his lack of candour justify drawing adverse inferences as to his wealth.

Court Disposition

Ancillary relief granted in favour of the applicant (wife). Orders made against properties and shares held by companies found to be held on trust or as nominee for the husband.

Orders

  • Transfer of specified properties and shares to the wife, including 16 W Avenue, London, and other assets held by respondent companies as found to be held for the husband.
  • Lump sum award to the wife.