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nantissement de fonds de commerce

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17:56 Mar 23, 2010
This question was closed without grading. Reason: No acceptable answer

French to English translations [PRO]
Bus/Financial - Law: Contract(s) / Commercial lease (sales premises)
French term or phrase: nantissement de fonds de commerce
This is a clause in a lease. The entire clause reads:
"Tout projet de nantissement de fonds de commerce devant être consenti par le Preneur, devra, pour être opposable au Bailleur, lui être integralement denonce quinze (15) jours au moins avant la concretisation d'un accord definitif avec la personne morale ou physique devant beneficier de l'inscription"
I can't get my head round this at all.
Karen Vincent-Jones
United Kingdom
Local time: 13:21


Summary of answers provided
4 +1commercial pledgeIrina Diaconeasa
4mortgage of the business as a going concernphilgoddard
3pledge or mortgage granted over the business
fourth
31. assignment of goodwill 2. (corp) floating charge over the company's undertaking
Tom Thumb
Summary of reference entries provided
Fr explanation and a few translations
writeaway

Discussion entries: 1





  

Answers


6 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
commercial pledge


Explanation:
.


    Reference: http://www.granddictionnaire.com/BTML/FRA/r_Motclef/index800...
Irina Diaconeasa
Local time: 15:21
Meets criteria
Specializes in field
Native speaker of: Native in RomanianRomanian

Peer comments on this answer (and responses from the answerer)
agree  Chris Hall: Indeed, you are right, Irina. The GDT is an extremely valuable source of information.
7 mins

neutral  Rob Grayson: Despite what the GDT may say, it is not authoritative in every area and I don't believe "commercial pledge" is adequate here
53 mins
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1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5
mortgage of the business as a going concern


Explanation:
This is a specifically French legal concept, and in some contexts you might have to leave it untranslated, but this is the closest equivalent. The fonds de commerce is the goodwill of the business.

"This paper discusses the three legal regimes which furnish models of laws designed to promote the use of moveables and intangibles to finance small businesses. One is the nantissement de fonds de commerce, a device used in the French law which creates a mortgage on a business - or at least some parts of it."


    Reference: http://papers.ssrn.com/sol3/papers.cfm?abstract_id=1144848
philgoddard
Local time: 07:21
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PRO pts in category: 195
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15 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
1. assignment of goodwill 2. (corp) floating charge over the company's undertaking


Explanation:
It would help to know what kind of entities the Landlord and Tenant are. I suspect this is a business lease and the parties are either sole traders - who, in the UK apart from one exception I'll let others work out, cannot create floating charges - corporations and/or partnerships.

Assignment of goodwill does overlap with cession.

Note below in the example sentence what Finch notes.


Example sentence(s):
  • However, as Finch notes, floating charges are generally taken over the debtor's entire undertaking, which means monitoring in order to detect misbehaviour

    Reference: http://www.tpe-pme.com/gestion/juridique/dossiers/0081-nanti...
    Reference: http://ssrn.com/abstract=386040
Tom Thumb
Local time: 14:21
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1 day4 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
pledge or mortgage granted over the business


Explanation:
I think that this is more likely to be slack legal work than anything else. It's (I believe) a very general covering of the business, not just goodwill.

fourth
France
Local time: 14:21
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Reference comments


33 mins peer agreement (net): +3
Reference: Fr explanation and a few translations

Reference information:
Nantissement de fonds de commerce

Le nantissement d'un fonds de commerce accorde au créancier inscrit un rang préférentiel par rapport aux autres créanciers sur la valeur du bien nanti lors de sa mise en vente au titre des créances garanties.
http://www.lawperationnel.com/EncyclopedieJur/Nantissementfo...

HERTZ GLOBAL HOLDINGS INC - 10-K - 20090303 - EXHIBIT_INDEX
Pledge of a Business as a Going Concern (Acte de Nantissement de Fonds de Commerce), dated as of December 21, 2005, by and between Hertz France, as Pledgor, ...
yahoo.brand.edgar-online.com/EFX_dll/EDGARpro.dll?

This article is an introduction to certain aspects of the law of ...
by SH Haimo - 1983 - Cited by 8 - Related articles
A lien on a business (nantissement de fonds de commerce) is a security interest in tangible and intangible movable property owned or used in connection with ...
heinonlinebackup.com/hol-cgi-bin/get_pdf.cgi?handle=hein.journals/..

SEC Info - Scherer R P International Corp - 10-Q - For 12/31/93 ...
Pledge of Going Business Activity (Nantissement de Fonds de Commerce) 19. Security Assignment (Cession a titre de garantie) over Accounts Receivable ...
www.secinfo.com/dsvR3.b9c.d.htm

writeaway
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PRO pts in category: 367

Peer comments on this reference comment (and responses from the reference poster)
agree  Rob Grayson: Great refs
25 mins
agree  B D Finch: Though "Going Business Activity" looks odd to me??
3 hrs
  -> going concern is better. (maybe they got it confused with an on-going business activity?
agree  mimi 254: good!
14 hrs
neutral  fourth: Well, I don't know what you are saying in English, W (FR>ENG) but clearly this is not, as you point out, to do with goodwill or "Business as a going concern" (!) but ACTUAL ASSETS owned by the business. Agreed ?
4 days
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