Sentences with phrase «property adjustment»

Once completed, the husband and wife could not make claims for financial provision, pension sharing and property adjustment orders to each other.

There are a number of financial claims that could be made on behalf of children including property adjustment, maintenance and lump sums.

The biggest brake on growth is «still the ongoing property adjustment,» Wang Tao, chief China economist at UBS Group AG in Hong Kong, said in an interview on Bloomberg Television.

``... it would be unfortunate in the extreme if a court approved, or even (an a fortiori case) a court determined property adjustment order would be liable, in practice, to be undone for up to five years because the husband goes bankrupt within that period.

This power is laid out under Section 24B of the Matrimonial Causes Act 1973 and for a long time it had been accepted that orders for property adjustment could be made in respect of foreign property, provided that there was clear evidence that such an order could be enforced in the foreign jurisdiction.

The ancillary relief proceedings were eventually compromised and the consent order was made on 11 February 2007, whereby W accepted the provision in full and final settlement of all her claims for lump sum, property adjustment and pension sharing.

For that reason, the years that followed witnessed attempts to challenge a property adjustment order on other bases.

However Hill v Haines has never been a blanket embargo on attempts to set aside a property adjustment order, and it left open the possibility of challenging such an order in circumstances where the usual contract vitiating factors (fraud, misrepresentation or mistake) applied.

An example was Re Jones (a bankrupt)[2008] 2 FLR 1969 in which the trustee suggested that a property adjustment order was a preference (as opposed to a transaction at an undervalue) contrary to s 340 of IA 1986, as the effect was to put the wife in a better position to other creditors.

In December 2004 a property adjustment order was made requiring H to transfer his interest in the property within 14 days, or within seven days of decree absolute (DA), whichever was the later, and DA followed on 21 February 2005, meaning that the order for the transfer became effective on 28 February 2005.

Hill v Haines had considered whether the bankruptcy court had the power to set aside a property adjustment order on the basis that it was a transaction undertaken at an undervalue, and therefore contrary to s 339 of IA 1986.

Of wider interest is the decision in Birch v Birch [2017] UKSC 53, [2017] 2 FLR 1031 where the court was concerned with an application by the wife to be released from an undertaking linked to a property adjustment order, with the Supreme Court finding that it could deal with the wife's application under both the inherent jurisdiction and MCA 1973, s 31.

A property adjustment order could be challenged where there was an element of fraud, collusion or other vitiating factor and may be easier to challenge if the property transfer was reached by consent.

The chancellor said that the starting points «must be a consideration of the rights of spouses for financial provision and property adjustment orders under Part II of the Matrimonial Causes Act 1973».

The appeal was upheld and the property adjustment order set aside in favour of the trustees.

«The fact that a settlement or transfer of property had to be made in order to comply with a property adjustment order shall not prevent that settlement or transfer from being a transaction in respect of which an order may be made under s 339 or 340 of the [IA 1986](transactions at an undervalue and preferences).»

Although there may be little point in obtaining lump sum or property adjustment orders against a bankrupt: as his capital assets vest automatically in the trustee in bankruptcy, the family court can make maintenance orders against a bankrupt and those orders, and any maintenance arrears which have accrued, survive the bankruptcy.

Subject: Insolvency; Family law; Ancillary relief; Consideration; Property adjustment orders; Transactions at an undervalue

If you are a qualified cohabitant, you may apply for orders such as maintenance orders, property adjustment orders, and pension adjustment orders and related orders such as attachment of earnings orders.

Where a property adjustment order is made, there are no capital gains tax, gift or inheritance tax issues for either of you on the transfer, and no stamp duty is payable.

In making a property adjustment order, a court will consider all of the family circumstances and will take into account the welfare of a dependent spouse / civil partner and any dependent children.

The settlement will include paying your closing costs, legal fees, property adjustments and transfer taxes.