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en situation de cessation des paiements

English translation: to be insolvent

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
French term or phrase:etre en situation de cessation des paiements
English translation:to be insolvent
Entered by: Wendy Cummings
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19:57 Oct 30, 2006
French to English translations [PRO]
Bus/Financial - Finance (general) / debt
French term or phrase: en situation de cessation des paiements
Amongst the guarantees made by a borrower in a contract:

Il n'est pas en situation de cessation de paiements...

Aucune action n'est envisagee a son encontre aux fins de demander la declaration de sa cessation des paiements, l'ouverture d'une procedure collective de sauvegarde, de redressement judiciare ou de liquidation judiciare.


I have found the term "suspension of payments", but am struggling to incorporate this into "etre en situation de ~ ". Other sources have given "bankrupt" as the translation but I have doubts about this.

Thanks
Wendy Cummings
United Kingdom
Local time: 23:26
[he is not] insolvent
Explanation:
The rest of the text you have quoted goes on to say that no legal action is planned to declare him insolvent ... Some financial difficulty is, of course, implied by the fact this declaration of non-insolvency has to be made at all.

See: www.lexinter.net/Legislation/depot_de_bilan_et_cessation_de... :
"La cessation de paiements est l'impossibilité pour le débiteur, à partir de ses réserves actuelles de trésorerie ou de crédit, de faire face à son passif exigible (Cass. Com. 17 juin 1997, Bull. civ. IV, n° 193, Cass. Com. 12 novembre 1997, Bull. civ. IV, n° 290)"


Selected response from:

B D Finch
France
Local time: 00:26
Grading comment
Thanks Barbara, just what I was looking for. You are right - the contract is a rescheduling of debt payments as the Borrower has defaulted on a previously scheduled payment
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +2[he is not] insolvent
B D Finch
3 +1in the event of non payment/falure to pay/non compliancexxxmuitoprazer
1 +1is not in a situation where he needs to suspend payments
Jonathan MacKerron


Discussion entries: 1





  

Answers


3 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
in the event of non payment/falure to pay/non compliance


Explanation:
the safeguards outlined after will come into effect.

xxxmuitoprazer
Local time: 23:26
Native speaker of: Native in EnglishEnglish
PRO pts in category: 2
Notes to answerer
Asker: I'm not sure this fits. Perhaps my question is unclear. The phrase starts: il n'est pas en situation.... i.e. Il declare qu'il n'est pas en situation de cessation de paiements


Peer comments on this answer (and responses from the answerer)
agree  Assimina Vavoula
16 mins
  -> thanx
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38 mins   confidence: Answerer confidence 1/5Answerer confidence 1/5 peer agreement (net): +1
is not in a situation where he needs to suspend payments


Explanation:
perhaps another avenue to explore....

--------------------------------------------------
Note added at 44 mins (2006-10-30 20:42:38 GMT)
--------------------------------------------------

not in a situation requiring him to suspend payment

--------------------------------------------------
Note added at 45 mins (2006-10-30 20:43:04 GMT)
--------------------------------------------------

not insolvent?

Jonathan MacKerron
Native speaker of: Native in EnglishEnglish
PRO pts in category: 47

Peer comments on this answer (and responses from the answerer)
agree  silviantonia
1 hr
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2 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +2
[he is not] insolvent


Explanation:
The rest of the text you have quoted goes on to say that no legal action is planned to declare him insolvent ... Some financial difficulty is, of course, implied by the fact this declaration of non-insolvency has to be made at all.

See: www.lexinter.net/Legislation/depot_de_bilan_et_cessation_de... :
"La cessation de paiements est l'impossibilité pour le débiteur, à partir de ses réserves actuelles de trésorerie ou de crédit, de faire face à son passif exigible (Cass. Com. 17 juin 1997, Bull. civ. IV, n° 193, Cass. Com. 12 novembre 1997, Bull. civ. IV, n° 290)"





    Reference: http://www.lexinter.net/Legislation/depot_de_bilan_et_cessat...
B D Finch
France
Local time: 00:26
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 123
Grading comment
Thanks Barbara, just what I was looking for. You are right - the contract is a rescheduling of debt payments as the Borrower has defaulted on a previously scheduled payment

Peer comments on this answer (and responses from the answerer)
agree  Gamil Sadek: Agree
3 mins
  -> Thanks Gamil

agree  MatthewLaSon: Exactly!
6 hrs
  -> Thanks Icetrance
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