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cessation de paiements

English translation: unable to meet its liabilities; under suspension of payments; in cessation of payment

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
French term or phrase:cessation de paiements
English translation:unable to meet its liabilities; under suspension of payments; in cessation of payment
Entered by: Susan Gastaldi
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14:15 Nov 20, 2008
French to English translations [Non-PRO]
Bus/Financial - Law: Contract(s) / Sales and Purchase Agreement (shares)
French term or phrase: cessation de paiements
In a legal contract, the seller declares that:

"...le Cédant n'est pas en état de cessation de paiements, ne fait pas objet d'une quelquonque procédure de redressement..." etc.

I have put: "The Seller is not under a suspension of payment order, etc." but I'm not sure if it actually is an order. Can anyone advise how I might express this correctly? Many thanks
Susan Gastaldi
Local time: 05:35
unable to meet its liabilities
Explanation:
it's one of the grounds for insolvency proceedings
Selected response from:

Jane RM
France
Local time: 05:35
Grading comment
Thanks Jane and thanks to others too
4 KudoZ points were awarded for this answer

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Summary of answers provided
3 +2unable to meet its liabilitiesJane RM
4(not in) cessation of paymentsrkillings
3(wide) technically insolvent; (narrow) in voluntary receivershipxxxAdrian MM.
3under suspension of paymentsAude Sylvain


  

Answers


2 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5 peer agreement (net): +2
unable to meet its liabilities


Explanation:
it's one of the grounds for insolvency proceedings

Jane RM
France
Local time: 05:35
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 96
Grading comment
Thanks Jane and thanks to others too

Peer comments on this answer (and responses from the answerer)
agree  xxxcmwilliams
4 hrs

agree  AllegroTrans
4 hrs
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38 mins   confidence: Answerer confidence 3/5Answerer confidence 3/5
under suspension of payments


Explanation:
le texte source n'est pas très précis, il n'utilise pas "faire l'objet d'une déclaration de cessation..." ou " placé en état de cessation...", donc je tendrais plutôt à rester aussi concis en Anglais.

ABBL - Newsletter - [ Translate this page ]
The banks under suspension of payments continue to operate, albeit with an external administrator currently managing their assets. In the case of Kaupthing , ...
www.abbl.lu/newsletter/newsletters/00069/index.php

Glitnir Bank Luxembourg S.A. (under suspension of payments), 534, rue de. Neudorf, L-2220 Luxembourg (Postal address: B.P. 1647, L-1016 Luxembourg) ...
www.cssf.lu/fileadmin/files/Listes/Entites_surveillees/list... - Similar pages

Aude Sylvain
France
Local time: 05:35
Specializes in field
Native speaker of: Native in FrenchFrench
PRO pts in category: 58
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15 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
(not in) cessation of payments


Explanation:
Just use the obvious translation, which is self-explanatory. It's a feature of French law, and that's what it's called in English.

For example, see EC > European Judicial Network > Bankruptcy > France (link below):
"1. What are the different types and aims of insolvency proceedings?

If insolvency is defined as a situation in which debts are greater than assets, this concept is unknown in French law governing collective procedures. French law has the more restrictive concept of cessation of payments: the fact that it is impossible for the debtor to meet current liabilities with the available assets."


    Reference: http://ec.europa.eu/civiljustice/bankruptcy/bankruptcy_fra_e...
rkillings
United States
Local time: 20:35
Works in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 105
Notes to answerer
Asker: This would be perfect if it were not for the "collective procedures" bit - I don't know if it applies in my context. Thanks all the same

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1 day10 hrs   confidence: Answerer confidence 3/5Answerer confidence 3/5
(wide) technically insolvent; (narrow) in voluntary receivership


Explanation:
Wide meaning: technically insolvent: unable to pay debts as and when they fall due or, though not technically in E&W 'liabilities outweigh the assets'.

Narrow meaning: se placer dans... - petitoned for vol. receivership cf. the SP suspension de pagos - often a scam to defraud unpaid creditors and employees where the co. puts itself into vol. winding-up.






Example sentence(s):
  • A company is technically insolvent if its debts are greater than its assets. If a company fails to pay its bills then its creditors (the individuals and ...
  • *s'est placé en cessation de paiements* en ... en cessation de paiement, est également en état de cessation de ...

    Reference: http://www.thelawyer.com/students/guide/insolvency.html
    Reference: http://www.rtl.fr/fiche/2242293/la-camif-particuliers-en-ces...
xxxAdrian MM.
Local time: 05:35
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 348
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