This work deals with the liability of the holding company for the debts of its insolvent subsidiaries. In analyzing the current position under English law, the work challenges as outmoded and inadequate the virtual dogma that a holding company is not answerable for the debts of its insolvent subsidiaries. The study identifies four separate and distinct types of behavioural practices within corporate groups which may prejudice the interests of external creditors or otherwise constitute an abuse of the corporate form; the subservient subsidiary situation; the inadequately financed subsidiary situation; the integrated economic enterprise situation; and the group persona situation. After weighing the various arguments for and against a change in the law and concluding that reform is called for, the study proceeds to submit some radical proposals for reform. The basic thrust of the reform proposals is that in a number of well-defined situations entity law should give way to an enterprise analysis and holding company liability should be imposed for the debts of insolvent subsidiaries.

Avizandum Statutes are designed specifically to provide undergraduates at Scottish universities with legislation and, where appropriate, other core materials in a readily accessible format. All materials have been selected on the basis of their relevance to university courses and appear in updated form. The lack of annotation and commentary means that the volumes are ideal for use in examinations.Avizandum Statutes on Scots Property, Trusts and Succession Law contain the main statutory provisions relating to both heritable and moveable property, as well as to trusts and succession law, in Scotland. All important provisions regulating post-feudal land law in Scotland are present.

Few legal institutions developed solely under the Roman Empire, but there is one which can provide a rare illustration of the emperors' involvement in building private law: although Roman law did not recognize a `trust' in the same sense as it is used in common law today, it did develop a device - the fideicommissum - which achieved very similar ends. It has remained largely ignored, and yet it is an ideal case study in the evolution of law. As the most versatile institution of Roman inheritance law, it crucially affected the strategies of succession open to testators, and gives insights into a social history of testators' ambitions and legislative concerns. Over six centuries the trust expanded at the expense of established legal institutions, and with Justinian's reforms it finally became dominant. This book studies the history of the trust and its rise to prominence, with reference to the possible influence of the Roman `fideicommissum'.

Regulating Law explores how the goals and policies of the new regulatory state are fundamentally reshaping jurisprudence in the domains of public law, private law, and the regulation of work and business. Fourteen areas of the core legal curriculum are reassessed from the standpoint of the impact of regulation on mainstream legal doctrine. The volume examines the collision of regulation by law with regulation by other means and provides an innovative regulatory perspective for the whole of law. To date, regulatory scholarship has mainly been applied to specific legislative programs and/or agencies for the social and economic regulation of business. In this volume, a cast of internationally renowned legal scholars each apply a 'regulatory perspective' to their own area of law. Their contributions provide a rich analysis of the limits and potential of legal doctrine as an instrument of control both in regulatory settings, and in settings traditionally immune from regulatory analysis. The result is an examination of the regulation of the doctrines of law itself, and of the way in which law regulates other forms of regulation and social ordering- law as subject and object of regulation.

Addresses the fundamental questions of how our data, online identity and digital assets are treated after death. Edina Harbinja examines the theoretical, technological and doctrinal issues surrounding online death and digital assets. By examining different areas of law, humanities and social science, she proposes the new concept of postmortal privacy (privacy of the deceased individuals) and provides answers and suggestions as to what happens to digital assets and online identity after death.Case studies draw on the transmission of emails, online games/virtual realities such as World of Warcraft and social networks to examine the legal issues surrounding these most prominent and widely used types of assets. Aspects of property, intellectual property, contract, succession and probate, privacy and data protection, jurisdiction and criminal law are considered. Harbinja puts forward policy suggestions, proposals for law reforms and sets out an innovative agenda which will open new avenues for research. Her useful consideration of current digital legacy tools and technologies also offers practical advice for users when it comes to their own estate planning.

This important collection of essays by a distinguished group of trust lawyers demonstrates that trusts law continues to be an area of great vitality and practical significance. Trusts is a subject that excites interest with its mixture of sophisticated thinking and practical commercial application. The papers in this volume not only have international appeal but also cover areas which are currently important to the legal profession. The essays range widely over subjects as varied as non-charitable purpose trusts (important for their use in tax havens in commercial and estate planning roles), the protector (a figure increasingly introduced to discretionary trusts in tax havens), pension trusts (important in the light of recent pension fraud), the duty of care owed by company directors to the company, liability and remedies for breach of trust, equities reaction to modern domestic relationships and taxation of the constructive trustee.

Justinian 's Digest, enacted 533 CE, collects excerpts of high-calibre writings from Roman legal intellectuals, produced in the first and second centuries CE. Since the High Middle Ages it has been used as a quarry of legal concepts and doctrines. Concerning the liabilities of two consecutive attackers, the first of whom mortally wounds the victim, while the second finishes the job and leaves the victim dead, the Digest preserves two conflicting texts: Celsus (67130 CE) held that the second attacker is liable, under the relevant statute (the lex Aquilia), for killing, whereas the first attacker should be liable for wounding only. Julian (ca 110ca 175 CE), in contrast, advocated holding both attackers liable as killers.To the present day, commentators on Justinian's Digest have been challenged to make sense of the conflict between these two statements. Ever more elaborate interpretations have been advanced, unlocking a range of diverse issues of causality and evidence, deterrence and statutory interpretation. Like few other texts from Roman lawyers, Julians essay (D. 9.2.51), mirrored in a colourful spectrum of intellectual responses, emerged as a signature piece of the western legal canon.Focussed on the history of one case, this book provides an exhaustive review of past and present interpretations and makes for a historiography of Roman law scholarship, from its medieval beginnings to our contemporary research activities.

Providing valuable insight into a relatively unexplored field, this book examines the day-to-day functioning of the supervisory jurisdiction over trust administration and distils the essential principles that guide the Court's intervention in trust administration in the absence of any wrongdoing and with a view to facilitating the ongoing performance of a trust. An introductory section places the supervisory jurisdiction over trust administration in its historical context, exploring its origins and evolution through statutory reform into modern times. Analysis of twelve judicial functions by which the court acts to facilitate the on-going performance of trusts follows, examining the general administration of trusts, court regulation of the office of trustee, securing the due administration, and supervising the non-performance, of trusts. These supervisory functions of the court are essential to any jurisdiction in the common law tradition and underscore the peculiar way in which trusts are regulated by the court throughout those jurisdictions. The interaction between the supervisory jurisdiction over trust administration and the remedial jurisdiction of the Court to award equitable compensation for breach of trust and to review trustee decision-making are also considered in a section focussing on recent developments in remedies. As well as exploring the nature and scope of the Court's jurisdiction, this book also supplies practical guidance as to how that might impact on a particular case or advice in administering a trust

Despite the common belief that they are found only in the common law tradition, trusts have long been known in mixed jurisdictions even where they have a civilian law of property. Trusts have now been introduced by legislation in a number of civilian jurisdictions, such as France and China. Other recent developments include the reception of foreign trusts through private international law in Italy and Switzerland and the inclusion of a chapter on trusts in Europe's Draft Common Frame of Reference. As a result, there is a growing interest in the ways in which the trust can be accommodated in civil law systems. This collection explores this question, as well as general issues such as the juridical nature of the trust, the role and qualifications of the trustee and particular developments in specific jurisdictions.

The law of trusts is a subject of considerable importance in the Commonwealth Caribbean. Traditional areas, such as testamentary trusts, resulting and constructive trusts, and charitable trusts, are now fully incorporated into the mainstream substantive law of the region, while the principles associated with offshore trust regimes are constantly expanding and developing.

This third edition of "Commonwealth Caribbean Law of Trusts" has been updated to reflect new case law and legislation, and to highlight recent trends relating to both traditional and offshore trusts. The book provides a core text for students of trusts law in the Commonwealth Caribbean, comprehensively covering general legal principles and analysing key Caribbean and English cases. This established text will also serve as a useful reference source for practitioners of trusts law.

This is the first book to provide a detailed and thorough conceptual analysis of the unit trust. Such analysis is not just of academic interest: it is of much practical relevance too. The author examines such topics as the nature of the unit trust, the interaction of unit holders, the manager's legal position, and the trustee and manager relationship. The book will be invaluable to all those requiring a better understanding of the unit trust.

Private investments in public equity (PIPEs) offer a practical financing alternative for companies seeking capital and a unique asset for investors. For practitioners who know how to identify and execute transactions, PIPEs present a growing opportunity.
This revised and updated guide presents the views, voices, and invaluable expertise of leading practitioners from all specialties in the field. The book is divided into three parts: "The Business of PIPEs," which provides a historical backdrop and overview; "Regulatory Landscape and Structural Alternatives," which details the legal framework and transaction structures; and "Deal Flow," which offers the investor's perspective on negotiating deals.
With detailed discussions, ranging from the origins of the marketplace and deal structures to legal considerations and due diligence, and from finding new opportunities to trading strategies, this book provides a clear window to the inner workings of this active area of the small-cap market. Investors, financial analysts, investment bankers, corporate and securities attorneys, and executives of public companies will find substantial value in the pages of this book.

Praise for Private Equity

"Harold Bierman has blended an excellent mix of important principles with real case study examples for a better understanding on a rather sophisticated finance subject."
–Edward M. Dudley, Vice President & General Auditor, ABB Americas

"The role of private equity firms in financing buyouts as well as providing growth capital has expanded significantly in the past decade. In a clear, concise way, Harold Bierman provides a timely and astute analysis of the virtues of private equity as well as creative quantitative methodologies that are applicable to real-life transactions. This book should become essential reading for investors, intermediaries, financial advisors and the management of private, almost private, or soon-to-be private firms."
–James A. Rowan Jr., Managing Director, Investment Banking
Legg Mason Wood Walker, Inc.

"As the private equity asset class has grown to over $300 billion in the last three years, Bierman analyzes the fundamentals behind the investment decisions of this increasingly important sector. Once completing the book, you will understand the fundamental analytical framework underlying private equity investment."
–Peter Nolan, Partner, Leonard Green and Partners

"In looking at the private equity arena, Professor Bierman has brought together a diverse group of metrics and valuation formulas into a single text. The book provides a valuable combination of academic theory and real-life case studies. It provides many insights."
–Peter H. Vogel, Vice President, MeadWestvaco Corporation

The origins of this book lie in the first Oxford Law Colloquium held in St John's College, Oxford, on 12-13 September 1991, organized by the Faculty of Law of the University of Oxford and the Norton Rose M5 Group, a national association of seven major independent law firms. This, it is hoped, will be the first of many such bubble01ces run on a biennial basis. The aim of each conference will be to combine the specialist knowledge of both practising and academic lawyers on a selected subject, enabling the exploration of fundamental concepts, principles, and trends in particular fields of law of mutual interest and importance. The subject of this first conference - Commercial Aspects of Trusts and Fiduciary Obligations - was chosen for its considerable theoretical and practical importance, and the contributors amply demonstrate both the impact of the law of trusts and the law of fiduciaries upon such diverse subjects as company law and insolvency law and the continuing need for further discussion on the relationship between equity and commercial law. Contributors: Sir Peter Gibson, Sir Peter Millett, Paul Finn, Peter Graham, Jack Beatson, D.D. Prentice, Paul L. Davies, Klaus J. Hopt, Roy Goode, Peter Birks, Hamish Anderson, Harry Wiggin, Jeffrey Schoenblum.

"Edward Burn is the doyen of property and trust lawyers in this country. His masterly texts on land law and equity and trusts have formed the minds of generations of lawyers. Judges, professors and practising lawyers all depend on Burn's crystalline analyses to make sense of the law. In this festschrift, appellate judges, academic lawyers and practitioners, including many of the leading property and equity experts of England, have joined to celebrate Edward Burn's career as a searching writer and brilliant teacher. The essays in the volume cover a wide terrain of topics including: the rationality of English land law; the nature of proprietary estoppel; the essential attributes of trusts and how they can be exported to Civilian systems; the nature of joint trustee liability; the relationship between restitution and equity; the relationship of fiduciary law to trusts; the standard of care in nuisance; the duty of care in will drafting; and form and substance in tax, lease and mortgage law. The book will interest practising lawyers and academics concerned with property, trusts and equity, and commercial law."

The Law of Rescission is an extensive analysis of the law concerning the rescission of contracts and gifts in England and Wales, and also contains detailed reference to the law of other parts of the Commonwealth including Australia, New Zealand, Canada, British Virgin Islands, Cayman Islands, Isle of Man, Singapore, Hong Kong, Malaysia, and India. This is the leading work in the field. The revised third edition builds on the established format of the previous edition, fully updating case law and considering how developments, such as the introduction of machine generated contracts, impacts on the law. The book also incorporates new legislation, such as The Insurance Act 2015. Rescission is frequently sought in commercial, property, and insurance disputes, making this book an essential reference for all lawyers involved in civil litigation, as well as for civil judges. The Law of Recission has has been cited by courts in England and Wales, as well as Australia and Canada. Academics will also find this book of great interest when researching contracts, remedies, or restitution.

This book sets out to defend the claim that Equity ought to remain a separate body of law; the temptation to iron-out the differences between neighbouring doctrines on the two sides of the Equity/Common Law divide should, in most cases, be resisted. The theoretical part of the book is argues that the characteristics of Equity, namely, appeal to conscience, flexibility, retroactivity and the use of morally-freighted jargon, are essential for the implementation of a legal ideal that has been neglected by the Common Law: aAccountability Correspondencea. According to this fundamental legal ideal, liability imposed by legal rules should correspond to the pattern of moral duty in the circumstances to which the rules apply. Equity promotes this ideal in the fields of property and obligations by disallowing parties to exploit the rule-like nature of Common Law norms in a way that breaches their moral duty to the other party. By reference to various equitable doctrines, it is argued that the faults identified by critics of Equity, especially from the perspective of the Rule of Law, are highly exaggerated, and that the criticism often reflects a political belief in the supremacy of individualism and free market over empathy and social justice. The theoretical part is followed by three chapters, each dedicated to an in-depth analysis of the equitable doctrines of fiduciary duties, proprietary estoppel, and clean hands. For each doctrine, it is shown how their equitable characteristics are indispensable for achieving their social, ethical and economic purpose.

Equity and Trusts is an ideal choice for all undergraduate and GDL students looking for a comprehensive yet accessible textbook on this complex area of law. The author's clear writing style, plentiful explanations and focus on modern case law demystify difficult concepts and help to bring the subject to life. Equity and Trusts is shown to be a live, growing and developing subject, with an important historical underpinning that ensures students gain a sound grasp of key material and understand both its history and current application. Clearly written and easy to use, Equity and Trusts enables students to fully engage with the topic and gain a profound understanding of this fundamental area. The Routledge Spotlights series brings a modern, contemporary approach to the core curriculum for the LLB and GDL which will help students Move beyond an understanding of the law Refine and develop the key skills of problem-solving, evaluation and critical reasoning which are essential to exam success Discover sources and suggestions for taking your study further By focusing on recent case law and real-world examples, Routledge Spotlights will help you shed light on the law, understand how it operates in practice and gain a unique appreciation of the contemporary context of the subject. Companion Website www.routledge.com/cw/spotlights This book is supported by a range of online resources developed to support your learning, keep you up-to-date and to help you prepare for assessments.

Equity and Trusts is an ideal choice for all undergraduate and GDL students looking for a comprehensive yet accessible textbook on this complex area of law. The author's clear writing style, plentiful explanations and focus on modern case law demystify difficult concepts and help to bring the subject to life. Equity and Trusts is shown to be a live, growing and developing subject, with an important historical underpinning that ensures students gain a sound grasp of key material and understand both its history and current application. Clearly written and easy to use, Equity and Trusts enables students to fully engage with the topic and gain a profound understanding of this fundamental area. The Routledge Spotlights series brings a modern, contemporary approach to the core curriculum for the LLB and GDL which will help students Move beyond an understanding of the law Refine and develop the key skills of problem-solving, evaluation and critical reasoning which are essential to exam success Discover sources and suggestions for taking your study further By focusing on recent case law and real-world examples, Routledge Spotlights will help you shed light on the law, understand how it operates in practice and gain a unique appreciation of the contemporary context of the subject. Companion Website www.routledge.com/cw/spotlights This book is supported by a range of online resources developed to support your learning, keep you up-to-date and to help you prepare for assessments.

To facilitate effective trust management, the Trust Practitioner's Toolkit contains useful checklists, records and forms and is designed as a companion to the popular Trust Practitioner's Handbook. This is an essential support tool and includes over 20 forms and checklists, including ones relating to: - risk management - tax on trust creation - instructions for trust drafting - trust information - trust review. The book is designed to act as an aide memoire for trust practitioners by outlining the procedural tasks which need to be completed at the various stages of work, including creating a trust or file review. It will also help to avoid pitfalls such as missing time limits, filing deadlines, compliance tasks and recording. The features and guidance will also be of benefit to more junior members of staff.

Risk and Negligence in Wills, Estates, and Trusts provides essential guidance for all will draftsmen. It offers in-depth analysis of negligence and wills, together with commentary on safe practice and the avoidance of risk. Together the areas covered provide a framework for the safe practice that is now essential in this much disputed area of work. This updated edition examines the new developments in will preparation and what is needed for safe practice as well as the important cases since the last edition. This work contains indispensable practical guidance, tailored to meet the demands of all those involved in wills, trusts, and estates and disputes relating to them. Practical advice in establishing best practice to avoid disputes is given and the appendices include practical forms and checklists to assist this. In addition there is analysis of the allied subjects of estate and trust administration and commonly encountered problem areas. A section also concentrates on duties in relation to taxation aspects of this work. Negligence and private client work is a fast developing area of modern law. The recent financial crisis has helped to focus attention closely on what risk is and how it should be managed. This has not merely been in the financial sector but in all areas of business. The legal profession has seen some major financial failures and an operating climate that is increasingly difficult. The rise in PI claims, the insurers' restrictions on cover, and the increased cost of cover have led to an increased focus on professional ability and risk management. Therefore, knowledge of the risks, what constitutes safe practice, and how to manage risk, are essential for anyone practising in this area.

In International Taxation of Trust Income, Mark Brabazon establishes the study of international taxation of trust income as a globally coherent subject. Covering the international tax settings of Australia, New Zealand, the UK, and the US, and their taxation of grantors/settlors, beneficiaries, trusts, and trust distributions, the book identifies a set of principles and corresponding tax settings that countries may apply to cross-border income derived by, through, or from a trust. It also identifies international mismatches between tax settings and purely domestic design irregularities that cause anomalous double- or non-taxation, and proposes an approach to tax design that recognises the policy functions (including anti-avoidance) of particular rules, the relative priority of different tax claims, the fiscal sovereignty of each country, and the respective roles of national laws and tax treaties. Finally, the book includes consideration of BEPS reforms, including the transparent entity clause of the OECD Model Tax Treaty.

Equity and Trusts: A Problem-Based Approach creates a fresh approach to learning through the use of integrated realistic case studies designed to simulate how the law works in practice. With comprehensive coverage of the complete equity and trusts curriculum, unlike other textbooks, it integrates a thorough exposition of the legal rules with applied problem-solving opportunities, highlighting the legal issues and providing essential context for the law. The book's goal is to familiarise students with a more active and practical approach to equity and trusts that will deepen their knowledge and understanding. Written in a clear and concise style but without sacrificing detail or analysis, Judith Riches not only provides students with a full and wide-ranging account of the law, but also helps them to develop the analytical and problem-solving skills they will need to succeed in their studies and beyond. Key features include: Case studies at the start of each chapter provide real-world context to each topic and help to familiarise readers with the legal language and style they will encounter Apply Your Learning boxes invite students to reflect and consolidate on the content covered in order to apply the law back to the case study Consider This boxes present variations to the case studies and alternative scenarios to challenge students to take their application of the law to the next level Key Cases and Statutes boxes reinforce the essential role of cases and legislation in the development and application of land law and help students identify key sources of legal authority for revision purposes Tutor Tips highlight important issues and opportunities to impress tutors and examiners without interrupting the flow of the text

Trusts & Equity continues to offer a comprehensive and user-friendly approach, providing a concise route through what can be a challenging area of the law. Drawing on years of experience, Gary Watt encourages students to actively engage with the subject and think critically about its central issues, outlining the key perspectives with clarity and rigour. Digital formats and resources This edition is available for students and institutions to purchase in a variety of formats, and is supported by online resources. - The e-book offers a mobile experience and convenient access along with functionality tools, navigation features, and links that offer extra learning support: www.oxfordtextbooks.co.uk/ebooks - The online resources include: * Video lectures presented by Gary Watt, providing an introduction to key areas of debate within the subject * Essay questions and problem scenarios with accompanying answer guidance, along with general guidance on answering these kinds of questions to enable you to improve * Web links to further primary sources and commentary to aid your understanding * Flashcard glossary to help test your knowledge of key terms

After thirty years, the debate over antitrust's ideology has quieted. Most now agree that the protection of consumer welfare should be the only goal of antitrust laws. Execution, however, is another matter. The rules of antitrust remain unfocused, insufficiently precise, and excessively complex. The problem of poorly designed rules is severe, because in the short run rules weigh much more heavily than principles. At bottom, antitrust is a defensible enterprise only if it can make the microeconomy work better, after accounting for the considerable costs of operating the system.

"The Antitrust Enterprise" is the first authoritative and compact exposition of antitrust law since Robert Bork's classic "The Antitrust Paradox" was published more than thirty years ago. It confronts not only the problems of poorly designed, overly complex, and inconsistent antitrust rules but also the current disarray of antitrust's rule of reason, offering a coherent and workable set of solutions. The result is an antitrust policy that is faithful to the consumer welfare principle but that is also more readily manageable by the federal courts and other antitrust tribunals.