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defaulting member

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11:15 Apr 15, 2018
English to Polish translations [PRO]
Law/Patents - Law: Contract(s) / articles of association
English term or phrase: defaulting member
Transfers on default
15.1 A(a Defaulting Member) shall be deemed to have given a Transfer Notice pursuant to article 14.2 in respect of all the shares in the Company held by the Defaulting Member immediately before any of the following events:
-the Defaulting Member pledges, charges, mortgages (whether by way of fixed or floating charge) or otherwise encumbers its legal and/or beneficial interest in any of its shares; (or.... )
Local time: 12:19

Summary of answers provided
2 +1członek nie wywiązujący się z zobowiązań umownych
Frank Szmulowicz, Ph. D.
3członek w zwłoce (będący w zwłoce)

Discussion entries: 1



59 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
członek w zwłoce (będący w zwłoce)

członek zwlekający z należną wpłatą

Note added at 1 hr (2018-04-15 12:18:22 GMT)

Defaulting Members.

In the event that a Member fails to contribute, in a timely manner, any portion of the Capital Commitment required to be contributed by such Member, the Managing Member shall send a notice of such default to such member in accordance with Section 14.10 of this Agreement. - https://www.lawinsider.com/clause/defaulting-members


4.1.4. Failure to Make Contribution.

If a Member fails to make all or any part of an additional Capital Contribution when due (“Defaulting Member”), each of the other Members (“Non-Defaulting Members”) shall have the opportunity, but not the obligation, to make such additional Capital Contributions - https://www.lawinsider.com/contracts/ZPPyQlAPW8GHwKaCvY33w/s...

Native speaker of: Native in PolishPolish
PRO pts in category: 204
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2 hrs   confidence: Answerer confidence 2/5Answerer confidence 2/5 peer agreement (net): +1
członek nie wywiązujący się z zobowiązań umownych

The full list can be found in points 42, 42 1, and 42 2:

It is difficult to capture all the conditions that make a member in default here. Most of them refer to a default of fincial obligations (nie wywiązanie się ze swoich zobowiązań finansowych); however, for an individual, encumbering interest in the shares is deemed a default. A company is in considered to be in default for a host of issues related to its financial solvency, being in receivership, etc.

It would appear that these situations are regarded as a breach of the Articles of Association, hence nie wywiązanie się z zobowiązań umownych.

Frank Szmulowicz, Ph. D.
United States
Local time: 06:19
Native speaker of: Native in EnglishEnglish, Native in PolishPolish
PRO pts in category: 826

Peer comments on this answer (and responses from the answerer)
agree  Roman Kozierkiewicz
1 day 17 hrs
  -> Dziękuję Romanie za stałą życzliwość. Serdecznie pozdrawiam.
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