May 24, 2005 11:13
19 yrs ago
1 viewer *
English term
bankrupt
English
Other
Other
If acompany lost a lot of money and cannot maintain normal operation. Then it was bought by another man and the former boss and former staff left the company. After that it has operated at a much smaller scale with the new boss and his new staffl but still maintaining its former name.
How to describe this process. Can we say the company went bankrupt? But it still exists. :-)
Thank you in advance!
How to describe this process. Can we say the company went bankrupt? But it still exists. :-)
Thank you in advance!
Responses
Responses
+5
5 mins
Selected
was taken over
As you explain it, it is not clear whether the company actually went bankrupt or not. Bankruptcy is a legal procedure which the company would have to go through to avoid payment of its debts. But it could have sold out to someone else before reaching this stage, in which case I would say it was taken over.
4 KudoZ points awarded for this answer.
Comment: "Thank you all for help!"
+5
2 mins
no..bankruptcy is a legal process
Can we say the company went bankrupt?..> no..bankruptcy is a legal process
Peer comment(s):
agree |
Loubna Benkirane
7 mins
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thank you
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agree |
Alp Berker
1 hr
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thank you
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agree |
RHELLER
3 hrs
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thank you
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agree |
Can Altinbay
: Nothing in the description says anything about the company declaring bankruptcy.
4 hrs
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thank you
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agree |
conejo
9 hrs
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thank you
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1 min
bankrupt // bankrupt reorganization
Mike :)
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Note added at 3 mins (2005-05-24 11:17:24 GMT)
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\"bankruptcy: 1. The statutory procedure, usually triggered by insolvency, by which a person is relieved of most debts and undetgoes a judicially supervised reorganization or liquidation for the brnfit of that person\'screditors; for various types of bankruptcy under federa law ...\" It is divided into different chapters.
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Note added at 3 mins (2005-05-24 11:17:24 GMT)
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\"bankruptcy: 1. The statutory procedure, usually triggered by insolvency, by which a person is relieved of most debts and undetgoes a judicially supervised reorganization or liquidation for the brnfit of that person\'screditors; for various types of bankruptcy under federa law ...\" It is divided into different chapters.
+1
8 mins
The company was not breaking even
Bankrupcy is court decision. Very legal. I prefer to use the Break even. A company is said to break even, when it can pay all salaries & costs. In this case the company is not breaking even.
Loubna.
Loubna.
+7
10 mins
restructured
is what I would say. If the company has retained the name, then it probably wasn't closed down. Old employees have been replaced with new, there is a new boss.
That looks like (heavy, throrough) restructuring to me.
That looks like (heavy, throrough) restructuring to me.
Peer comment(s):
agree |
Angie Garbarino
16 mins
|
thanks
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agree |
rangepost
24 mins
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thanks
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agree |
Balasubramaniam L.
: Only that restructuring does not necessarily imply ownership change.
26 mins
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well, let the lawyers argue that ;-). For me, the key piece of information is that the name hasn't changed, so its legal status prbably hasn't either.
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agree |
Alp Berker
1 hr
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thanks
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agree |
Can Altinbay
: Yes, the text says that the company restructured. See also my other notes.
4 hrs
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thanks
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agree |
Alfa Trans (X)
5 hrs
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thanks
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agree |
conejo
9 hrs
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thanks to all.
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17 mins
Take over
Sounds like a take over, although as it is now on a smaller scale I am not certain. Definitely legal
18 mins
sick, in the red
A company exhibiting symptoms like the one you have described would be termed a "sick" company.
Another term that you could use is, "it was in the red", meaning it was incurring losses.
It was bought over by someone who "down-sized" it, meaning reduced its staff-strength and scale of operations, and applying stringent "cost-cutting" methods and perhaps "professional" management inputs, "brought it around" or "effected a turn-around", or "reversed its fortunes" or "brought it back in the black".
No it did not go "bankrupt" or "insolvent" or "bust", which all have legal connotations.
Another term that you could use is, "it was in the red", meaning it was incurring losses.
It was bought over by someone who "down-sized" it, meaning reduced its staff-strength and scale of operations, and applying stringent "cost-cutting" methods and perhaps "professional" management inputs, "brought it around" or "effected a turn-around", or "reversed its fortunes" or "brought it back in the black".
No it did not go "bankrupt" or "insolvent" or "bust", which all have legal connotations.
+1
1 hr
recovery efforts of a distressed business
unless it is under court protection against creditors, it aint bankrupt (even if its business concept might be).
3 hrs
make-over
as the company still exsists I would suggest the term: company make-over
3 hrs
the company remains in existence but is hanging by a thread
this is a story and one word will not do
bankrupt has a specific meaning, as my colleagues have already mentioned
After losing a lot of money, the company was bought and all new staff was brought in/the staff was replaced. It continues to operate at a much smaller scale.
bankrupt has a specific meaning, as my colleagues have already mentioned
After losing a lot of money, the company was bought and all new staff was brought in/the staff was replaced. It continues to operate at a much smaller scale.
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