Ellis Clarke, George Chambers and Norman Manley have been given the immense task or reducing the amount of debt that the National Commerical Bank of (Your Jurisdiction) Limited has on its balance sheet. Currently, the loans make up 75% of the balance sheet while assets make up 25%. The NCB realises that this situation is untenable as the Bank may find itself being sanctioned etc. if the order of the Central Bank of (Your Jurisdiction) is not followed. The Central Bank has instructed NCB to reduce its debt portfolio by 33 1/3 % (from 75% to 50%) so that the amount of debts/loans are equal to the amount of assets that the Bank has.

Describe and discuss how the NCB may use novation, legal assignment, equitable assignment or a combination, to achieve its objectives. You are required to describe and discuss all three options before indicating which option(s) is/are recommended.