![]() ![]() The claimant, VTB Capital plc (VTB) was an English incorporated bank, which was majority owned by JSC VTB Bank (VTB Moscow), a state-owned bank based in Moscow. These issues arose in the context of an application for permission to serve proceedings out of the jurisdiction and the Supreme Court also provided important guidance on the circumstances in which England will be the proper forum (forum conveniens) to determine a case, and the practicalities of dealing with jurisdictional disputes. The Supreme Court also held that, even if the power to pierce the corporate veil does exist, it does not enable a claimant to hold parties that control a company jointly and severally liable under contracts entered into by that company. Perhaps the most striking aspect of the case is that it casts doubt on the notion that the Court has the power to pierce the corporate veil. This article considers the Supreme Court decision in VTB Capital plc v Nutritek International Corp & ors. ![]()
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