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
unable to meet its liabilities; under suspension of payments; in cessation of payment
Explanation: it's one of the grounds for insolvency proceedings
Jane RM France Local time: 05:35 Specializes in field Native speaker of: English PRO pts in category: 96
Thanks Jane and thanks to others too
38 mins confidence:
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
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."
(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.
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 ...