English translation: compromise for the benefit of creditors
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Dutch to English translations [PRO] Bus/Financial - Law: Contract(s)
Dutch term or phrase:een akkoord buiten faillissement aanbieden
indien de opdrachtgever:
f. in staat van faillissement komt te verkeren of een faillissementsaanvraag wordt ingediend of hij een akkoord buiten faillissement aanbiedt.
This is from a terms and conditions. It is the bit about the seller being entitled to dissolve the agreement in certain circumstances. Paragraph f above is one of those circumstances.
I'm not sure how to translate the "akkoord buiten faillissement aanbieden" bit. Jurlex gives "propose a composition" for "akkoord aanbieden" but I don't really understand this. Plus I still don't know how to translate the whole phrase.
Explanation: http://www.leaseasset.com.au/Application.html
Have you ever been declared bankrupt or insolvent, or assigned your estate or entered into a compromise for the benefit of creditors?
http://cobrands.contracts.findlaw.com/agreements/northrop/cr...
C. Bankruptcy. Notwithstanding the foregoing,
in the event that Consultant is adjudicated a bankrupt or petitions for relief under bankruptcy, reorganization, receivership, liquidation, compromise or other arrangement or attempts to make an assignment for the benefit of creditors, this Agreement shall be deemed terminated automatically, without requirement of notice, without further liability or obligation to NGC.
-------------------------------------------------- Note added at 10 hrs 24 mins (2005-07-13 09:47:31 GMT) --------------------------------------------------
http://www.bankruptcy-alternative.com/out_of_court.shtml
Compromise Settlements:
A Compromise Settlement is an arrangement in which creditors agree to accept less than the total amount of their claims, in full settlement. The settlement must be fair (in an amount equal to, or preferably greater than creditors would expect to receive under a liquidation of the business) and must be offered without discrimination to all creditors of the same class. The funds for the settlement usually come from a third party. Such an approach can provide early cash to creditors and allow a distressed business to continue to survive. Funds for the settlement are distributed by CMA to ensure equitable recovery by all creditors.
-------------------------------------------------- Note added at 10 hrs 26 mins (2005-07-13 09:49:29 GMT) --------------------------------------------------
http://www.govt.nz/record?tid=1&treeid=349&recordid=2435
Apply for leave to propose a compromise between a company and its creditors
Service provided by Ministry of Justice
If you are a creditor or shareholder of a company and you believe that the company will be unable to pay its debts, you can apply to the Court for leave to be able to propose a compromise between a company and its creditors.
-------------------------------------------------- Note added at 10 hrs 36 mins (2005-07-13 09:59:50 GMT) --------------------------------------------------
A: In a word, no. A company (also referred to as the \"Debtor\") that has filed under the CCAA for protection from its creditors is not in receivership or bankruptcy. Rather, it has filed under the CCAA in order to devise a plan of restructuring and compromise for its creditors that avoids the company going into receivership or bankruptcy, with a view to keeping the Debtor company operating, increasing the amount that may ultimately be paid to creditors and preserving the Debtor\'s employees\' jobs.
Thanks Jarry and Dave for your help. I went with Jarry's translation which is why I gave the points to Jarry! Thanks very much! 4 KudoZ points were awarded for this answer
I agree that there is never only one solution. That's why I always wait at least 24 hours before grading, in order to wait for other equally valid and helpful responses to appear..such as yours! :-))
Thanks very much, Dave, for your help. I don't want it to be particularly wordy so will probably go for your first suggestion, although I will store your second solution in the memory banks for the occasion when I do need to be more wordy!
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Answers
9 mins confidence: peer agreement (net): -5
offer settlement by declaring bankruptcy
Explanation: not very convincing, I know, but perhaps it leads you to the right combination
SwissTell Local time: 01:44 Specializes in field Native speaker of: German PRO pts in category: 3
The translation workplace 
peer agreement (net): -5
