On 12 June 2013 The Supreme Court handed down its eagerly awaited landmark decision in the case of Prest v Petrodel Resources Limited [2013] UKSC 34.

Background

The couple, Mr and Mrs Prest, were married in 1993. They were in their 50s and had dual Nigerian and British citizenship.  There were 4 children of the marriage (aged between 11 and 16). Mr Prest was a successful oil trader from which the majority of his wealth had been generated.   He traded mainly through three companies which were registered in the Isle of Man: Petrodel Resources Ltd, Vermon...