INSOLVENCY

Transcription

INSOLVENCY
n LANGUAGE ENGLISH FOR...
difficult
Expressions
INSOLVENCY
bankruptcy ['b{ŋkrÃptsi]
be/go bankrupt ["bi:/"gəυ 'b{ŋkrÃpt]
G. Fuller/PA Photos
Überall, im Geschäftsleben wie auch privat, wird Insolvenz
angemeldet, oder man bemüht sich, dies zu verhindern.
PATRICK MUSTU gibt Ihnen wichtige Begiffe zum Mitreden.
Time to wind up?
uring the past year, the recession has spread to most
business sectors, and an increasing number of companies are facing insolvency. The largest case in history was the
collapse of US investment bank Lehman Brothers in September 2008, with debts of $613 billion.
The words “insolvency” and “bankruptcy” are often used
as if they had the same meaning, but there is a difference.
When individuals or organizations are unable to pay their
creditors, they are insolvent. Under English law, insolvent individuals may declare bankruptcy, while insolvent businesses
go into “liquidation”.
Personal bankruptcies differ greatly in length from country
to country. Individuals usually receive a discharge from
their debt after 12 months in England or France, but this
D
QUIZ:
Going for broke
Choose the best answer to each question.
a) A main reason for personal insolvency is:
1. expensive home loans
2. bad investments
3. divorce
b) Which of these business areas has the most insolvencies in England?
1. building 2. hotels & restaurants 3. education
c) How did the number of bankruptcies in the US change
between 2007 and 2008 (in per cent)?
1. - 10%
2. + 10%
3. + 30%
d) What is a bankrupt person required to do in Australia?
1. report to court once a month
2. get permission to travel overseas
3. collect money from relatives
e) How much may an insolvent person in Germany keep
for his/her basic needs every month?
1. ¤ 360
2. ¤ 690
3. ¤ 990
Answers on page 87
takes six years in Germany. As a result, some EU citizens with
large debts try to take up residence and declare bankruptcy
in a member country where procedures are short.
Liquidation of a company, also called “winding up”, leads
to the closing of the business. This is managed by an appointed liquidator, who realizes the company’s assets. Alternatively, the firm may be put into receivership — in other
words, an official receiver is appointed to manage the company’s finances until the firm enters liquidation.
Whether or not creditors get any money depends mainly on
their status. Some creditors are paid first, because the debts
owed to them are secured by liens. Other creditors are preferred by law; these include the company’s employees and,
when taxes are owed, the government.
In US law, the term “bankruptcy” refers to both individuals and companies. It is common for insolvent firms to file
for bankruptcy under Chapter 11. This section of US bankruptcy law allows restructuring and prevents liquidation while
the business continues its operations — something that is
strictly forbidden in many other countries.
Keeping a business going rather than destroying it may
seem to make sense, but it keeps in place managers who
have failed and also takes away the rights of secured creditors to recover their money in the event of non-payment.
Whatever financial crisis comes next, you never know who
will be hit. After all, Oscar Wilde, Henry Ford and Walt Disney all declared bankruptcy in their lifetime.
assets ['{sets]
bankruptcy ['b{ŋkrÃptsi]
billion ['bljən]
Chapter 11: file under ~~
["tʃ{ptə i'levən] US
creditor ['kredtə]
debts [dets]
declare (bankruptcy) [di'kleə]
discharge ['dstʃɑ:dZ]
insolvency [n'sɒlvənsi]
lien ['li:ən]
liquidation [lkw'deʃən]
liquidator ['lkwdetə]
realize sth. ['rəlaz]
receiver [ri'si:və]
receivership: be put into ~
[ri'si:vəʃp]
secure sth. [s'kjυə]
Vermögenswerte, Aktiva
Insolvenz, Konkurs
Milliarde(n)
Insolvenz beantragen (mit
Schutz vor Ansprüchen der
Gläubiger)
Gläubiger(in)
Schulden
(Insolvenz) anmelden
Schuldenbefreiung
Insolvenz
dingliches Sicherheitsrecht
Liquidation, Konkurs
Insolvenzverwalter(in)
etw. verkaufen, etw. veräußern
Insolvenzverwalter(in)
unter Insolvenzverwaltung
gestellt werden
etw. sichern
PATRICK MUSTU is a lawyer, translator and language
trainer based in Düsseldorf. He runs Englisch im
Beruf (www.english-nrw.de) and specializes in legal
and financial English. Contact: info@mustu.de
be/go broke ["bi:/"gəυ 'brəυk] ifml.
be indebted ["bi: n'detd]
be insolvent ["bi: n'sɒlvənt]
be on the rocks ["bi: ɒn ðə 'rɒks] ifml.
be over-indebted ["bi: "əυvərn'detd]
be wiped out ["bi: "wapt 'aυt] ifml.
collapse [kə'l{ps]
dissolution ["dsə'lu:ʃən]
failure (of a company) ['feljə]
file (for/under) Chapter 7
["faəl (fɔ:/Ãndə) "tʃ{ptə 'sevən] US
file (for/under) Chapter 11
["faəl (fɔ:/Ãndə)"tʃ{ptə i'levən] US
insolvency [n'sɒlvənsi]
go bust ["gəυ 'bÃst] ifml.
go out of business ["gəυ "aυt əv 'bznəs]
Procedure
Insolvenz, Konkurs
zahlungsunfähig
sein/werden
pleite sein/pleitegehen
verschuldet sein
insolvent sein
in Geldnot sein
überschuldet sein
pleite sein
Pleite; pleitegehen
Auflösung
Konkurs (einer Firma)
Liquidation beantragen
Insolvenz beantragen
Insolvenz
pleitegehen
das Geschäft aufgeben
Financial terms
assets ['{sets]
cash flow ['k{ʃ fləυ]
credit sth. ['kredt]
debt [det]
discharge ['dstʃɑ:dZ]
liabilities ["laə'blətiz]
liquidity [l'kwdəti]
obligation ["ɒbl'geʃən]
property ['prɒpəti]
service (debts) ['s«:vs]
Vermögenswerte, Aktiva
Cashflow, Kapitalfluss
etw. gutschreiben
Schuld
Schuldenbefreiung
Verbindlichkeiten,
Passiva
Liquidität
Verbindlichkeit, Schuld
Vermögensgegenstand,
Eigentum
(Schulden) bedienen
People
administrator [əd'mnstretə] UK
bankruptcy lawyer
['b{ŋkrÃptsi "lɔ:jə] US
insolvency practitioner
[n"sɒlvənsi pr{k'tʃənə] UK
liquidator ['lkwdetə]
official receiver [ə"fʃəl ri'si:və]
preferred/preferential/
priority creditor
[pri"f«:d/prefə"renʃəl/pra"ɒrəti 'kredtə]
secured creditor [s"kjυəd 'kredtə]
trustee ["trÃ'sti:]
unsecured creditor [Ãns"kjυəd 'kredtə]
Insolvenzverwalter(in)
Fachanwalt/-anwältin
für Insolvenzrecht
Insolvenzverwalter(in)
Insolvenzverwalter(in)
Insolvenzverwalter(in)
bevorrechtigte(r)
Gläubiger(in)
gesicherte(r)
Gläubiger(in)
Insolvenzverwalter(in)
nicht gesicherte(r)
Gläubiger(in)
Langenscheidt live:
administration [əd"mn'streʃən] UK
Bankruptcy Code
['b{ŋkrÃptsi kəυd] US
bankruptcy court ['b{ŋkrÃptsi kɔ:t]
court order ["kɔ:t 'ɔ:də]
debt restructuring ['det ri:"strÃktʃərŋ]
declare bankruptcy
[di"kleə 'b{ŋkrÃptsi]
file a (bankruptcy) petition
["faəl ə ('b{ŋkrÃptsi) pə'tʃən]
individual/personal insolvency
[nd"vdZuəl/"p«:sənəl n'sɒlvənsi]
liquidate ['lkwdet]
liquidation ["lkw'deʃən]
realize (assets) ['rəlaz]
receivership [ri'si:vəʃp]
release sb. [ri'li:s]
secure sth. [s'kjυə]
seize sth. [si:z]
sequestration ["si:kwə'streʃən]
winding up ["wandŋ 'Ãp]
gerichtlich angeordnete
Insolvenzverwaltung
US-Insolvenzrecht
Insolvenzgericht
Gerichtsbeschluss;
gerichtliche Verfügung
Umschuldung
Insolvenz anmelden
einen Insolvenzeröffnungsantrag stellen
Privatinsolvenz; Verbraucherinsolvenz
liquidieren, auflösen
Liquidation, Auflösung
(Vermögenswerte)
verkaufen, veräußern
Insolvenzverwaltung
jmdn. befreien; hier:
von Schulden befreien
etw. sichern
etw. pfänden
Zwangsverwaltung
Liquidation, Auflösung
Securing claims
attachment [ə't{tʃmənt]
Pfändung, dinglicher
Arrest
Belastung
Sicherungsgegenstand;
Sicherheit
Sicherungsübereignung
charge [tʃɑ:dZ]
collateral [kə'l{tərəl]
equipment pledge
['kwpmənt pledZ]
garnishment ['gɑ:nʃmənt]
land charge ['l{nd tʃɑ:dZ]
(Forderungs-)Pfändung
Belastung von Grundbesitz; Grundschuld
dingliches Sicherungsrecht, Pfandrecht
Verpfändung
Eigentumsvorbehalt
lien ['li:ən]
pledge [pledZ]
retention of title
[ri"tenʃən əv 'tatəl]
security [s'kjυərəti]
Sicherheit
For more information
WEBSITES
n UK Insolvency: www.insolvency.gov.uk
n US Bankruptcy: www.uscourts.gov/bankruptcycourts.html
www For more practice: www.business-spotlight.de/vocabulary
feasibility study –
Durchführbarkeitsstudie f
A study carried out to determine whether or not an idea is profitable, as well
as to identify the necessary conditions and means for it to become so.
Studie, mit der man feststellt, ob eine Idee durchführbar ist und ob es sich
lohnt, diese Idee zu verwirklichen. Die Studie beinhaltet ebenfalls die Voraussetzungen und Mittel, die zur Verwirklichung der Idee notwendig sind.
Die Langenscheidt Fachwörterbücher
gibt es für viele Fachbereiche! Z.B.
Wirtschaft, Tourismus, Recht u.v.m.
(aus: Praxiswörterbuch Marketing Englisch)
www.langenscheidt.de / fachverlag
82 Business Spotlight
3/2009
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12.03.2009 11:44:37 Uhr