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Gesamtvollstreckung

English translation: collective bankruptcy proceedings

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:Gesamtvollstreckung
English translation:collective bankruptcy proceedings
Entered by: Dr. Fred Thomson
Options:
- Contribute to this entry
- Include in personal glossary

20:19 Jul 31, 2004
German to English translations [PRO]
Bus/Financial - Law (general) / insolvency
German term or phrase: Gesamtvollstreckung
context: Allgemeine Lieferbedingungen, Eigentumsvorbehalt

"Bis auf Widerruf ist der Besteller zur Einziehung der abgetretenen Forderungen aus der Weiterveräußerung befugt. Bei Vorliegen eines wichtigen Grundes, insbes. bei Zahlungsverzug, Zahlungseinstellung, Eröffnung eines Insolvenzverfahren (Konkurs, Vergleich, Gesamtvollstreckung), Wechselprotest oder wenn vergleichbare begründete Anhaltspunkte vorliegen, ist der Lieferer berechtigt, die Einziehungsbefugnis des Bestellers zu widerrufen."

Can anyone explain the distinction between these three? If I can just use bankruptcy for Konkurs; then Dietl-Lorenz gives composition or arrangement proceedings for Vergleich; but I'm not sure at all about the last one.

TIA, Beth
Beth Kantus
United States
Local time: 21:20
collective execution (against property)
Explanation:
This is what I take it to mean in this context, but I need to Google a bit.

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Note added at 39 mins (2004-07-31 20:59:00 GMT)
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Here is a definition:
Gesamtvollstreckung
Die Gesamtvollstreckung ist ein Verfahren in dem alle Gläubiger eines Schuldners zusammengefasst werden und alle Ansprüche gemeinsam behandelt werden.
Typisches Beispiel für die Gesamtvollstreckung ist das Insolvenzverfahren (früher Konkurs): das Vermögen des Gemeinschuldners wird nach einer bestimmten Quote unter den Gläubigern verteilt.
Sinn der Gesamtvollstreckung ist zu verhindern, dass einzelne Gläubiger sich auf Kosten der anderen befriedigen.



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Note added at 41 mins (2004-07-31 21:00:15 GMT)
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Now that I have studied the definition I will change my suggestion to \"collective prosecution\" or \"collective enforcement.\"

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Note added at 42 mins (2004-07-31 21:02:07 GMT)
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It appears that the creditors get together and collectively force the febtor into bankruptcy court(unless he is already there). then, the court determines how much is owed and how much is available and divides the available funds on a pro-rata basis.

--------------------------------------------------
Note added at 46 mins (2004-07-31 21:05:49 GMT)
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I suppose one could use the very general term given by Griebler, viz., \"insolvency proceedings,\" but if I were going to do so, I would certainly prefix it with \"collective.\"


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Note added at 56 mins (2004-07-31 21:15:11 GMT)
--------------------------------------------------

I\'m back.
Black\'s Law Dictionary supports Griebler\'s suggestion.
Bankruptcy Proceedings:
The taking of possession by the trustee of the property of the bankrupt actually or constructively in his possesion at time of filing of petition in bankruptcy, the ditribution of the proceeds received from such property, ratably, among the bankrupt\'s creditors whoses claims have been filed and allowed, and the discharge of the bankrupt from liability for the unpaid balance of such claims.
So, Beth, we have both learned something.

--------------------------------------------------
Note added at 58 mins (2004-07-31 21:17:57 GMT)
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Since bankruptcy is essentially the same as insovlvency, you can use either \"bankruptcy proceedings\" or \"insolvency proceedings.\"
However, if you r audience is US, you might prefer \"bankruptcy proceedings.\"

--------------------------------------------------
Note added at 1 hr 15 mins (2004-07-31 21:34:09 GMT)
--------------------------------------------------

OK for Konkurs: use bankruptcy or files for bankruptcy or files a petition in bankruptcy
For Vergleich : composition (this is the US term of art in bankruptcy matters)
For Gesamtvollstreckung: choose among \"collective bankruptcy proceedings,\" \"bankruptcy proceedings,\" or \"insolvency proceedings.\"
Last alternative: Selbstmord.
Selected response from:

Dr. Fred Thomson
United States
Local time: 19:20
Grading comment
As you can see, I opted to save that last alternative for another, more frustrating day perhaps :-)
I would like to thank you all very much for your help.
4 KudoZ points were awarded for this answer

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Summary of answers provided
5 +1aggregate execution (Gesamtvollstreckung)Margaret Marks
4 +1insolvency proceeding
Sabine Griebler
3 +1collective execution (against property)
Dr. Fred Thomson
4s.u.Ingrid Blank


Discussion entries: 2





  

Answers


30 mins   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
insolvency proceeding


Explanation:
Es gibt ein Buch mit dem Titel "Der Gläubiger in der Gesamtvollstreckung", dessen Titel im Internet auf Englisch mit "The Creditor in Insolvency Proceeding" wiedergegeben wird.

--------------------------------------------------
Note added at 31 mins (2004-07-31 20:51:03 GMT)
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There are quite a number of Google hits for \"insolvency proceeding\".

--------------------------------------------------
Note added at 1 hr 1 min (2004-07-31 21:20:52 GMT)
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The definition given by Fred Thomson is correct. I found the term \"collective insolvency proceeding\" in Google but not in context with the new federal states.

--------------------------------------------------
Note added at 1 hr 8 mins (2004-07-31 21:27:57 GMT)
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The problem is that \"Insolvenzverfahren\" is also \"insolvency proceedings\" and somehow a distinction should be made between \"Insolvenzverfahren\" in general and \"Gesamtvollstreckung\" (which is a particular Insolvenzverfahren in the new federal states). I think that \"collective\" is the important point here as the proceeding is intended to satisfy the \"Kollektiv der Gläubiger\".

Sabine Griebler
Local time: 03:20
Native speaker of: German
PRO pts in category: 16

Peer comments on this answer (and responses from the answerer)
agree  Hans G. Liepert: Gesamtvollstreckung is the East-German equivalent of the West-German Insolvenz (Konkurs-)verfahren
44 mins
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34 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +1
collective execution (against property)


Explanation:
This is what I take it to mean in this context, but I need to Google a bit.

--------------------------------------------------
Note added at 39 mins (2004-07-31 20:59:00 GMT)
--------------------------------------------------

Here is a definition:
Gesamtvollstreckung
Die Gesamtvollstreckung ist ein Verfahren in dem alle Gläubiger eines Schuldners zusammengefasst werden und alle Ansprüche gemeinsam behandelt werden.
Typisches Beispiel für die Gesamtvollstreckung ist das Insolvenzverfahren (früher Konkurs): das Vermögen des Gemeinschuldners wird nach einer bestimmten Quote unter den Gläubigern verteilt.
Sinn der Gesamtvollstreckung ist zu verhindern, dass einzelne Gläubiger sich auf Kosten der anderen befriedigen.



--------------------------------------------------
Note added at 41 mins (2004-07-31 21:00:15 GMT)
--------------------------------------------------

Now that I have studied the definition I will change my suggestion to \"collective prosecution\" or \"collective enforcement.\"

--------------------------------------------------
Note added at 42 mins (2004-07-31 21:02:07 GMT)
--------------------------------------------------

It appears that the creditors get together and collectively force the febtor into bankruptcy court(unless he is already there). then, the court determines how much is owed and how much is available and divides the available funds on a pro-rata basis.

--------------------------------------------------
Note added at 46 mins (2004-07-31 21:05:49 GMT)
--------------------------------------------------

I suppose one could use the very general term given by Griebler, viz., \"insolvency proceedings,\" but if I were going to do so, I would certainly prefix it with \"collective.\"


--------------------------------------------------
Note added at 56 mins (2004-07-31 21:15:11 GMT)
--------------------------------------------------

I\'m back.
Black\'s Law Dictionary supports Griebler\'s suggestion.
Bankruptcy Proceedings:
The taking of possession by the trustee of the property of the bankrupt actually or constructively in his possesion at time of filing of petition in bankruptcy, the ditribution of the proceeds received from such property, ratably, among the bankrupt\'s creditors whoses claims have been filed and allowed, and the discharge of the bankrupt from liability for the unpaid balance of such claims.
So, Beth, we have both learned something.

--------------------------------------------------
Note added at 58 mins (2004-07-31 21:17:57 GMT)
--------------------------------------------------

Since bankruptcy is essentially the same as insovlvency, you can use either \"bankruptcy proceedings\" or \"insolvency proceedings.\"
However, if you r audience is US, you might prefer \"bankruptcy proceedings.\"

--------------------------------------------------
Note added at 1 hr 15 mins (2004-07-31 21:34:09 GMT)
--------------------------------------------------

OK for Konkurs: use bankruptcy or files for bankruptcy or files a petition in bankruptcy
For Vergleich : composition (this is the US term of art in bankruptcy matters)
For Gesamtvollstreckung: choose among \"collective bankruptcy proceedings,\" \"bankruptcy proceedings,\" or \"insolvency proceedings.\"
Last alternative: Selbstmord.


Dr. Fred Thomson
United States
Local time: 19:20
Specializes in field
Native speaker of: English
PRO pts in category: 608
Grading comment
As you can see, I opted to save that last alternative for another, more frustrating day perhaps :-)
I would like to thank you all very much for your help.

Peer comments on this answer (and responses from the answerer)
agree  Robert Kleemaier: very informative input from all three contributors, but Fred's 'Selbstmord' wins the day for me;-)
8 hrs
  -> Thanks, Rob. It's just a thought to be reserved for all future frustrations
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1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5
s.u.


Explanation:
Here is Schäfer's definition for Vergleich:
Vergleich m
(Re) debt composition proceedings
– preventive composition
(ie, procedure aimed at rehabilitation of an insolvent business by scaling down the indebtedness; a company must get agreement from a qualified majority of the creditors to a new plan of the company and pay back 35% of what it owes within 18 months; if creditors cannot agree terms with the company, it then goes bankrupt; affects only the rights of unsecured creditors)
– (US) corporate reorganization
(ie, requires that the whole debt structure be reconstituted; affects also secured creditors)
(Re) compromise
– settlement
(ie, mutual waiver made to put an end to a dispute, § 779 BGB; may be achieved in and out of court)

Gesamtvollstreckung:

I agree with Fred's answer - another option might be writ of execution filed by (or on behalf of) all creditors



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Note added at 2004-08-01 06:34:47 (GMT)
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@ Hans: Zu unterscheiden ist die Einzelzwangsvollstreckung zugunsten einzelner Gläubiger und die Gesamtvollstreckung im Insolvenzverfahren zugunsten aller Insolvenzgläubiger. http://www.lexikon-definition.de/Zwangsvollstreckung.html



Ingrid Blank
PRO pts in category: 171
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15 hrs   confidence: Answerer confidence 5/5 peer agreement (net): +1
aggregate execution (Gesamtvollstreckung)


Explanation:
This was the East German equivalent, as Hans says. I have previously found and used 'aggregate execution', but I think you could put the German term in brackets.

Margaret Marks
United Kingdom
Local time: 02:20
Native speaker of: Native in EnglishEnglish
PRO pts in category: 256

Peer comments on this answer (and responses from the answerer)
agree  Sabine Griebler: Yes, I think it is best to put the German term in brackets whatever you use in English.
1 hr
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