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 ['bljən] Chapter 11: file under ~~ ["tʃ{ptə i'levən] US creditor ['kredtə] debts [dets] declare (bankruptcy) [di'kleə] discharge ['dstʃɑ:dZ] insolvency [n'sɒlvənsi] lien ['li:ən] liquidation [lkw'deʃən] liquidator ['lkwdetə] realize sth. ['rəlaz] receiver [ri'si:və] receivership: be put into ~ [ri'si:vəʃp] 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: [email protected] be/go broke ["bi:/"gəυ 'brəυk] ifml. be indebted ["bi: n'detd] be insolvent ["bi: n'sɒlvənt] be on the rocks ["bi: ɒn ðə 'rɒks] ifml. be over-indebted ["bi: "əυvərn'detd] be wiped out ["bi: "wapt 'aυt] ifml. collapse [kə'l{ps] dissolution ["dsə'lu:ʃən] failure (of a company) ['feljə] file (for/under) Chapter 7 ["faəl (fɔ:/Ãndə) "tʃ{ptə 'sevən] US file (for/under) Chapter 11 ["faəl (fɔ:/Ãndə)"tʃ{ptə i'levən] US insolvency [n'sɒlvənsi] go bust ["gəυ 'bÃst] ifml. go out of business ["gəυ "aυt əv 'bznəs] 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. ['kredt] debt [det] discharge ['dstʃɑ:dZ] liabilities ["laə'blətiz] liquidity [l'kwdəti] obligation ["ɒbl'geʃən] property ['prɒpəti] service (debts) ['s«:vs] Vermögenswerte, Aktiva Cashflow, Kapitalfluss etw. gutschreiben Schuld Schuldenbefreiung Verbindlichkeiten, Passiva Liquidität Verbindlichkeit, Schuld Vermögensgegenstand, Eigentum (Schulden) bedienen People administrator [əd'mnstretə] UK bankruptcy lawyer ['b{ŋkrÃptsi "lɔ:jə] US insolvency practitioner [n"sɒlvənsi pr{k'tʃənə] UK liquidator ['lkwdetə] official receiver [ə"fʃəl ri'si:və] preferred/preferential/ priority creditor [pri"f«:d/prefə"renʃəl/pra"ɒrəti 'kredtə] secured creditor [s"kjυəd 'kredtə] trustee ["trÃ'sti:] unsecured creditor [Ãns"kjυəd 'kredtə] 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"mn'streʃən] UK Bankruptcy Code ['b{ŋkrÃptsi kəυd] US bankruptcy court ['b{ŋkrÃptsi kɔ:t] court order ["kɔ:t 'ɔ:də] debt restructuring ['det ri:"strÃktʃərŋ] declare bankruptcy [di"kleə 'b{ŋkrÃptsi] file a (bankruptcy) petition ["faəl ə ('b{ŋkrÃptsi) pə'tʃən] individual/personal insolvency [nd"vdZuəl/"p«:sənəl n'sɒlvənsi] liquidate ['lkwdet] liquidation ["lkw'deʃən] realize (assets) ['rəlaz] receivership [ri'si:vəʃp] release sb. [ri'li:s] secure sth. [s'kjυə] seize sth. [si:z] sequestration ["si:kwə'streʃən] winding up ["wandŋ '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 ['kwpmənt pledZ] garnishment ['gɑ:nʃmənt] 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 'tatəl] 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 LFG_914_LKGlive_186x61_4c 1 12.03.2009 11:44:37 Uhr