The decision of the Supreme Court in VTB v Nutritek

The recent decision of the UK Supreme Court in VTB v Nutritek has attracted a great deal of attention and will be viewed as the leading modern authority on piercing the corporate veil in cases of fraud. However, such perceptions may be inaccurate as the Supreme Court refused to decide the disputed point as to whether the doctrine of piercing the corporate veil formed any part of English law. The Supreme Court actually decided that, if there is such a doctrine, it does not have the effect of making the controller of a company liable on the contracts entered into by that company. This brings an end to the run of cases where claimants had attempted to found jurisdiction on this basis.