One of the main issues that the parties need to consider when a marriage or civil partnership ends is the financial consequences of the divorce, dissolution, or judicial separation. Amongst other things, they need to consider where they are going to live and what money they need to live on in the future. Their current assets will need to be evaluated and divided accordingly. The parties do not always agree on how to do this. Whatever they decide, the court has to approve of the decision. The chapter looks at the courts' powers, the legal principles they apply, the practical implications, and the problems that may arise in financial remedy practice. A number of different scenarios are used to help with this analysis.
Chapter
4. Financial Provision on Divorce
Chapter
16. Loan Sales and Securitization
Ross Cranston, Emilios Avgouleas, Kristin van Zweiten, Theodor van Sante, and Christoper Hare
This chapter examines one context in which contracts and debts are transferred — as banks and bank subsidiaries ‘sell’ their own assets, i.e. their loans, mortgages, credit card receivables, and so on. Commercially speaking, this divides into loan sales and securitization. Among the various motivations for these transactions are to reduce risk, to meet capital requirements, to allow for new lending, and to take advantage of financial and commercial opportunities. Securitization was abused, with many risky loans repackaged and sold as highly rated securities. Its contribution to the global financial crisis in 2008 made it unpopular. However, it remains significant as a financing technique. Before examining loan sales and securitization, the chapter lays out the different legal techniques for transferring debts and contractual rights.
Chapter
4. Financial Provision on Divorce
One of the main issues that the parties need to consider when a marriage or civil partnership ends is the financial consequences. Among other things, they need to consider where they are going to live and what money they need to live on in the future. Their current assets will need to be valued and divided. The parties do not always agree on how to do this. Whatever they decide, the court has to approve of the decision. The chapter looks at the courts’ powers, the legal principles they apply, the practical implications, and the problems that may arise in financial remedy practice. It uses key cases heard in the higher courts before suggesting how their principles can be applied to different levels of wealth. Finally, it asks—if financial settlements are meant to be fair, what does fairness look like? To what extent should the parties be able to do what they want, such as enter into a nuptial agreement—or is it right that there should be limits on this?
Chapter
8. Implied and Resulting Trusts
The Concentrate Questions and Answers series offer the best preparation for tackling exam questions. Each book includes typical questions, bullet-pointed answer plans, suggested answers, and author commentary. This book offers advice on what to expect in exams and how best to prepare. This chapter covers questions on implied and resulting trusts.
Chapter
16. Duties Relating to Corporation Finance and Capital
This chapter discusses the details of the various obligations on companies that wish to issue and allot shares, provide debentures and charges over the company’s assets, and provide guidance on the maintenance of the company’s finances. It continues from the discussion of the administration of the company to consider the broad issue of corporate governance and identifies how a company may raise capital, while also considering the obligations placed on the directors to protect and maintain the capital of the company for its members. To appreciate the effects of the Companies Act (CA) 2006 on companies, it is important to understand the rules regarding the issuing of shares and granting of debentures to protect the company and the creditors from abuse, and how dividends are to be agreed upon and provided to shareholders.
