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concordato preventivo

English translation: agreement among creditors/ closure agreement of creditors

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00:59 Sep 3, 2008
Italian to English translations [PRO]
Law/Patents - Law (general)
Italian term or phrase: concordato preventivo
riguarda un certificato d'iscrizione alla camera di commercio.
leslylopez
Local time: 12:51
English translation:agreement among creditors/ closure agreement of creditors
Explanation:
I've used this in the past.
Selected response from:

Kilian Seavers
Italy
Local time: 12:51
Grading comment
si grazie, va bene
4 KudoZ points were awarded for this answer

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Summary of answers provided
5 +1agreement among creditors/ closure agreement of creditorsKilian Seavers
4voluntary arrangement (with creditors)
Simon Sobrero
4 -1voluntary bankruptcy
James (Jim) Davis


Discussion entries: 1





  

Answers


3 mins   confidence: Answerer confidence 5/5 peer agreement (net): +1
agreement among creditors/ closure agreement of creditors


Explanation:
I've used this in the past.

Kilian Seavers
Italy
Local time: 12:51
Specializes in field
Native speaker of: Native in EnglishEnglish, Native in ItalianItalian
PRO pts in category: 8
Grading comment
si grazie, va bene

Peer comments on this answer (and responses from the answerer)
agree  Valeria Lattanzi: arrangement with creditors
8 hrs
  -> thanks
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1520 days   confidence: Answerer confidence 4/5Answerer confidence 4/5
voluntary arrangement (with creditors)


Explanation:
http://en.wikipedia.org/wiki/Individual_voluntary_arrangemen...

Simon Sobrero
United Kingdom
Local time: 11:51
Works in field
Native speaker of: English
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3 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): -1
voluntary bankruptcy


Explanation:
The closest equivalent is when a debtor files a voluntary bankrupcy petition (preventivo - meaning a bankrupt company files before its creditors file the petition)

Bankruptcy is a legally declared inability or impairment of ability of an individual or organizations to pay their creditors. Creditors may file a bankruptcy petition against a debtor ("involuntary bankruptcy") in an effort to recoup a portion of what they are owed. In the majority of cases, however, bankruptcy is initiated by the debtor (a ****"voluntary bankruptcy"**** that is filed by the bankrupt individual or organization).

L’impresa in crisi presenta ai propri creditori un piano contenente una proposta finalizzata al risanamento dell’impresa e al soddisfacimento dei creditori. Il contenuto del piano, e quindi le concrete modalità operative di salvataggio, è lasciato alla libera determinazione dell’impresa, la quale pertanto può discrezionalmente trovare la soluzione migliore.

La competenza a ricevere la domanda spetta inderogabilmente al Tribunale del luogo in cui si trova la sede principale dell’impresa. Il trasferimento della sede eventualmente intervenuto nell'anno antecedente al deposito del ricorso non rileva ai fini della individuazione della competenza.

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Note added at 1520 days (2012-11-01 12:27:31 GMT) Post-grading
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It is a bit academic Simon. If they weren't bankrupt, they wouldn't be trying to come to an arrangement with their creditors, so that they can get out of the bankrupt situation they are in. However, at a distance of four years, I personally find my explanations and references very useful. Clearly in your source text "arrangement" will work much better. "Insolvency" and "liquidation" are useful words here.



    Reference: http://it.wikipedia.org/wiki/Concordato_preventivo
    Reference: http://en.wikipedia.org/wiki/Bankruptcy
James (Jim) Davis
Seychelles
Local time: 14:51
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 1620

Peer comments on this answer (and responses from the answerer)
disagree  Simon Sobrero: My current source text says: "domanda di ammissione a concordato preventivo, ovvero la procedura alternativa per evitare il fallimento"; so I would say "voluntary arrangement" or "arrangement with creditors".
1520 days
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