The Court of Appeal has upheld an order requiring two private companies to disclose a PwC valuation report concerning a spouse's shareholding in ongoing divorce proceedings, while imposing tighter confidentiality protections.
The underlying family law case is between spouses identified only as C and B. C disclosed a 5% shareholding in a private company, X Limited, but described its value as unascertained. Financial circumstances are central to divorce proceedings because the court must ensure proper provision is made for spouses and dependent children.
PwC later carried out a valuation exercise and advised that a 4.9% shareholding had an indicative value of €703,000 as of December 31, 2023, after applying a 70% minority discount. The companies involved, X Limited and trustee company Z Limited, resisted production of the underlying report on confidentiality and commercial-sensitivity grounds.
The High Court ordered disclosure of the valuation report but deferred any decision on wider categories of company documents. X and Z appealed.
In a judgment delivered on February 27, 2026, Mr Justice Brian O'Moore said the report was plainly relevant because the court hearing the divorce may have to determine the actual value of C's shareholding. He rejected the companies' argument that the PwC figure was effectively conclusive under the nominee agreement governing the shares.
The Court of Appeal also found that the companies had provided little concrete evidence explaining how limited disclosure would cause commercial harm. Confidentiality, while important, could not prevent disclosure where the information was necessary for a fair determination and no realistic alternative existed.
The appeal was therefore dismissed. However, the court varied the High Court order so the report can circulate only within a restricted confidentiality club comprising named solicitors, counsel and accountants or valuers who give undertakings not to disclose or use the information outside the proceedings.