09:17 Sep 30, 2011
German to English translations [PRO]
Law/Patents - Law: Contract(s)
German term or phrase: Verwertungsvereinbarung
Is there something better than 'utilisation/exploitation/realisation agreement'?

1. Debtor owns real property and creates mortage to secure finance
2. Becomes insolvent
3. Receiver or administrator is appointed
4. Other creditors also try and collect debt and try to enforce their mortgages and land charges, liens, whatever
5. Receiver or administrator invites them to conclude agreement with him and between each other so that receiver and administrator can sell real property and then
6. Receiver and administrator pays out proportional share to each creditor after deduction of his own costs

because under german law, the receiver/admin's power to dispose and enter into transaction etc terminates in relation to real property if a creditor who is secured by a mortgage commences to enforce their claim via the mortgage

basically with this agreement people overcome disputes Re who can get what out of the insolvency estate (if that's an existing term). creditors and receiver/admin can annoy each other a lot and fight for years, therefore agreement is needed and common
Albert Fischer (Dipl. Jur., LL.B., BDÜ)
Local time: 06:34

Summary of answers provided
4 +1creditors voluntary arrangement
Faye Bennett
2liquidation agreement
David Wright
Summary of reference entries provided
check this
Johanna Timm, PhD

Discussion entries: 5



3 mins   confidence: Answerer confidence 2/5Answerer confidence 2/5
liquidation agreement

This really is a guess, but what the receiver is wanting to do is to liquidate the assets and pay out the cash.

Note added at 6 mins (2011-09-30 09:24:07 GMT)

to asker: I would think (but am by no means sure) that here the term liquidation of assets (as opposed to liquidation of company) can apply to persons and companies.

David Wright
Local time: 06:34
Specializes in field
Native speaker of: English
PRO pts in category: 256
Notes to answerer
Asker: Isn't that more in relation to a company's liquidation. Here the debtor/insolvent person can be a natural person.

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4 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
creditors voluntary arrangement

May be a creditors VA if the debtor is a company, rather than an individual VA where the debtor would be an individual.

Faye Bennett
United Kingdom
Local time: 05:34
Specializes in field
Native speaker of: Native in EnglishEnglish
PRO pts in category: 4

Peer comments on this answer (and responses from the answerer)
agree  Emiliano Pantoja
54 days
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Reference comments

9 hrs
Reference: check this

Reference information:
"Typically the Insolvency Administrator and the secured creditor conclude a
realisation agreement (Verwertungsvereinbarung) in which they agree apart
from §§ 170, 171 InsO on costs of identification and realisation, way and
time of realisation and acknowledgement of Insolvency Administrator of
validity of security perfection"

Johanna Timm, PhD
Native speaker of: Native in GermanGerman
PRO pts in category: 310
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