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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
Alle weiteren Zweckbestimmungserklärungen, Sicherungs- und Verwertungsvereinbarungen innerhalb oder außerhalb dieser Urkunde gelten erst, nachdem der Kaufpreis vollständig gezahlt ist, in jedem Fall ab Eigentumsumschreibung auf den Erwerber. Der Verkäufer darf nicht der persönlichen Haftung unterworfen werden.
A term which fits your English definition would be an IVA (Individual Voluntary Arrangement) but this would be for England (&Wales).
I don't know whether the term is suitable as translation of Verwertungsvereinbarung as you have not given us any German text.
Hope this helps.
Automatic update in 00:
3 mins confidence:
Explanation: 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 Austria Local time: 19:12 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.
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" http://www.paulhastings.com/assets/pdfs/Enforcement_and_Inso...