de andere Partij aanvraagt surseance van betaling. de andere Partij aanvraagt...
English translation: The other party applies for suspension of payments
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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Dutch term or phrase:
de andere Partij vraagt surseance van betaling aan
The other party applies for suspension of payments
Dutch to English translations [PRO] Law/Patents / contract/agreement
Dutch term or phrase:de andere Partij aanvraagt surseance van betaling. de andere Partij aanvraagt...
(1)de andere Partij aanvraagt surseance van betaling. (2)de andere Partij aanvraagt faillissement dan wel in staat van faillissement komt te verkeren.
Once again, I am unfamiliar with legal jargon and the correct terminology would be greatly appreciated. Thanks.
Explanation: (1) From 'Transword "Dutch-English" legal dictionary.
(a)The opposite party applies for a moratorium
(b)The opposite party applies for a deferment of payments. (cfr.US: to file a petition for chapter 11)
(2) This is not a correct Dutch sentence, hence, I had to interpret it
(2)the oppposite party files a petition for bankruptcy rather than ending up bankrupt.