Family Law Essay Example | Topics and Well Written Essays - 2500 words - 6

Family Law - Essay Example However, still the Matrimonial Causes Act 1973 remains a key legal rule for resolving the disputes developed when having to divide the property on marital breakdown.2 The validity of MCA 1973 could be doubted. Reference should be made to the fact that in 1996, through the introduction of the Family Law Act, the Family Law in Britain was reformed. As a result, the pre-existed legal rules had been absorbed by the above Act in terms that any other similar law would not have power. However, it seems that in practice the Matrimonial Causes Act 1973 is still valid. This fact is highlighted in the study of Burton (2003) who notes that ‘for the time being the existing law, now largely contained in the MCA 1973, continuous in force’.3 Moreover, Lord Chancellor noted that the Family Law Act of 1996 is not appropriately customized to current social and judicial needs and for this reason the MCA 1973 should continue in force.4 Regarding specifically the section 25 of the MCA 1973, it should be noted that the above section actually sets the criteria used by the Court for the division of assets in the context of relationship breakdown. The above section is of high importance mentioning indicative the facts on which the Court should be based when having to rule in relevant cases. In accordance with the section 25 of MCA 1973, the decision of the Court in regard to the division of assets in the relationship breakdown can be based on one of the following acts: a) the financial and the physical status of each party/ spouse, b) the role that each spouse had in the accumulation of wealth and c) the age of each spouse. In fact, the age of each spouse indicates his potential to allocate the funds and the means for his/ her survival. It should be mentioned that the criteria set in section 25 of MCA 1973 regarding the division of assets among the

Financial Crisis in Asia Term Paper Example | Topics and Well Written Essays - 2250 words

Financial Crisis in Asia - Term Paper Example   South Korea had a very strong economy but a high level of debt which existed in the economy was given very little attention. The borrowed funds by the South Korean economy were invested very wisely in assets so it made perfect sense and reassured the economic stability, but when the funds were invested in assets it also gave rise to various risks pertaining to the same. The short debts touched alarmingly high levels in the South Korean economy, â€Å"In 1992 short term debt constituted about one-third of its total borrowing, but by 1996 short term debt had risen to two-thirds of its total of $158 billion of foreign debt. South Korean firms were operating at a high degree of leverage. The typical leverage ratio for South Korean firms was in the neighborhood of six to one and some South Korean firms had leverage ratios of 600 to one.† The crisis in South Korea was triggered by the collapse of Thai Baht (currency of Thailand) in 1997. The currency had devalued due to stemming of reserve outflows by the central bank in order to ensure growth for money supply in the crisis period. The strategies adopted by the South Korean economies always left them prone to many dangers, a classic example of the same follows: The Korean First Bank got itself in a vulnerable position because of the hefty amount of loan issued to Hanbo group, with in no time the Hanbo group went bankrupt and its inability to pay the loan back to the Korean first bank resulted in the bankruptcy of Korean Bank.