WTLR Issue: September 2013 #132. Macaura insured the timber in his own name. Michael Prest (husband) and Yasmin Prest (wife) were married for 15 years and had four children before the wife petitioned for divorce in March 2008. Facts: The owner of a timber estate sold all the timber to a company in which he owned almost all the shares. MACAURA V NORTHERN ASSURANCE LTD (1925) (for illustration purpose) Macaura own land on which stood timber. Unusually, the request to do so was in this case made by the corporation's owner. Macaura v Northern Assurance Co Ltd [1925] AC 619 appeared before the House of Lords concerning the principle of lifting the corporate veil.Unusually, the request to do so was in this case made by the corporation's owner. The timber was destroyed by fire and Macaura sought to recover the money from the insurance company. But he had not transferred the insurance policy to the company name. Macaura v Northern Assurance Co Ltd CourtHouse of Lords Decided3 April 1925 Citation AC 619 Court membership Judge sittingLord Sumner, Lord Buckmaster, Wrenbury, Atkinson … Daimler Co Ltd v. Continental Tyre & Rubber Co Ltd, (1916) 2 AC 307; Macaura v. Northern Assurance Company (1925) AC 619; Vodafone International Holdings v. Union of India (2011) 198 Taxman 418 (SC) RC Cooper v. Union of India, (1970) 1 SCC 248; Bennet Coleman And Co. vs Union of India And Ors. In Macaura v. Northern Assurance Co. Ltd (1925) AC 619 the subject matter of insurance was timber which had been sold by the insured to a company in which he was the sole shareholder and a substantial creditor of the company. He then sold the whole of the timber thereon to a timber company in consideration of fully paid up shares in the company. Two weeks later, the timber was destroyed in a fire. Macaura v Northern Assurance Co Ltd AC 619 appeared before the House of Lords concerning the principle of lifting the corporate veil. | University of Waikato. Prest v Petrodel Resources Ltd & ors [2013] UKSC 34. He sold all the timbers on the estate to a company where all the shares in the company were owned by him. He insured the timber against fire policies. Case: Macaura V v Northern Assurance Co. Ltd. [1925] AC 619 Macaura owned an estate. Cases & Articles Tagged Under: Macaura v Northern Assurance Co Ltd [1925] AC 619 | Page 1 of 1. Macaura v Northern Assurance Co Ltd {Facts} Macaura own land on which stood timber. Macaura v Northern Assurance Co Ltd. ... Dalby v India & London Life Assurance Co. MACAURA v NORTHERN ASSURANCE CO LTD (1925) Macaura own land on which stood timber. He sold the land and timber to a company he formed and received as consideration all the fully paid shares. 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