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werden die Aussonderungs- sowie die Absonderungsberechtigten

English translation: Creditors with rights of separation and creditors with preferential secured rights

GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
German term or phrase:Aussonderungs- sowie Absonderungsberechtigte
English translation:Creditors with rights of separation and creditors with preferential secured rights
Entered by: Chris Rowson (X)

04:45 Aug 14, 2002
German to English translations [PRO]
Law/Patents
German term or phrase: werden die Aussonderungs- sowie die Absonderungsberechtigten
My source is a summary of the legal position of secured creditors in a company insolvency under the Insolvenzordnung. I have found a nice explanation of the subject at germanbusinesslaw.de, but Iam still looking for a good translation (preferebly BE) of the above. It occurs in the sentence "Als gesicherte Gläubiger werden die Aussonderungs- sowie die Absonderungsberechtigten beschrieben."

I have "right of separation" from the glossary for "Aussonderungsberechtigter", giving me "Creditors with rights of separation" but would appreciate further input for this, and also a suggestion for "Absonderungsberechtigte".
Chris Rowson (X)
Local time: 00:56
siehe untern
Explanation:
Aussonderung: separation of property belonging to a third party from the banrupt's estate. The trustee in bankrupcy can separate assets which do not belong to the bankrupt from the bankrupt estate and transfer them to their rightful owners.

Absonderungsberechtigter Gläubiger: secured creditor
Absonderung: separate satisfaction, preferential treatment
Allocation of real and personal property in the bankrupt's estate to preferential satisfaction of creditors holding security interests (e.g. a mortgage lien) in such property. Any excess above the secured claim balongs to the bankrupt's estate.
source: Dietl/Lorenz

Schäfer says: Absonderung - right to preferential settlement of claim
Aussonderung - segregation
Selected response from:

Petra Winter
Local time: 00:56
Grading comment
Thanks everyone, particularly also Beate for the useful notes. I used your help to come up with "Creditors with rights of separation and creditors with preferential secured rights are ..."
4 KudoZ points were awarded for this answer



Summary of answers provided
4 +3siehe untern
Petra Winter
5secured creditor
Beate Boudro (X)
4Absonderungsberechtigte - secured or preferential creditors
Petra Butler (X)
4look below
Edward L. Crosby III


  

Answers


1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +3
siehe untern


Explanation:
Aussonderung: separation of property belonging to a third party from the banrupt's estate. The trustee in bankrupcy can separate assets which do not belong to the bankrupt from the bankrupt estate and transfer them to their rightful owners.

Absonderungsberechtigter Gläubiger: secured creditor
Absonderung: separate satisfaction, preferential treatment
Allocation of real and personal property in the bankrupt's estate to preferential satisfaction of creditors holding security interests (e.g. a mortgage lien) in such property. Any excess above the secured claim balongs to the bankrupt's estate.
source: Dietl/Lorenz

Schäfer says: Absonderung - right to preferential settlement of claim
Aussonderung - segregation

Petra Winter
Local time: 00:56
Native speaker of: German
PRO pts in pair: 24
Grading comment
Thanks everyone, particularly also Beate for the useful notes. I used your help to come up with "Creditors with rights of separation and creditors with preferential secured rights are ..."

Peer comments on this answer (and responses from the answerer)
agree  Lydia Molea
1 min
agree  gangels (X)
6 hrs
agree  Chinoise
7 days
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2 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
Absonderungsberechtigte - secured or preferential creditors


Explanation:
Absonderung = preferential treatment for secured creditor lt. Köbler Rechtsenglisch;
Absonderungsrecht = preferential right

Petra Butler (X)
Local time: 00:56
Native speaker of: German
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2 hrs   confidence: Answerer confidence 4/5Answerer confidence 4/5
look below


Explanation:
According to Romain:

Absonderungsgläubiger = preferred creditor

Aussonderungsgläubiger = creditor entitled to recovery

Accordingly it sounds (to me) like the Absonderungsgläubiger would be higher up the totem pole than the Aussonderungsgläubiger.

Edward L. Crosby III
Local time: 15:56
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 527
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11 hrs   confidence: Answerer confidence 5/5
secured creditor


Explanation:
I agree essentially with the suggestions that have already been made. Just an additional note on this issue:

The problem is that anglo-american law does not distinguish between \"Aussonderung\" and \"Absonderung\". (See also Dietl/Lorenz for a brief explanation under \"Aussonderung\"). Both types of creditors are called \"secured creditors\".

Black\'s Law Dictionary:
\"Secured creditor - a creditor who holds some special pecuniary assurance of payment of his debt, such as a mortgage, collateral, or lien.\"

In my opinion, the best translations (already suggested in the previous answers) for these terms would be:

Aussonderungsglaeubiger - creditor having a right of separation of his property from the bankrupt estate - or a similar formulation;

Absonderungsglaeubiger - secured creditor.

I would not use the term \"preferred creditor\" because this term refers to creditors of preferential debts in general, e.g. wages of employees and administrative costs, or debts of creditors with perfected security interests in contrast over debts of unsecured creditors.

Beate Boudro (X)
United States
Local time: 16:56
Native speaker of: Native in GermanGerman
PRO pts in pair: 253
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