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liquidação extrajudicial

English translation: extrajudicial liquidation

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16:31 Dec 2, 2000
Portuguese to English translations [Non-PRO]
Bus/Financial
Portuguese term or phrase: liquidação extrajudicial
...que lhe são devidas por instituição
financeira em liquidação judicial.
Thomas
English translation:extrajudicial liquidation
Explanation:
Tendo em vista que as entidades fechadas de previdência privada não estão sujeitas à falência, para sua dissolução utiliza-se o processo de liquidação extrajudicial. ////Seu escopo é a realização do ativo para pagamento do passivo.////Essas instituições pertencem a ramo extremamente sensível e qualquer anormalidade em suas atividades, justifica a adoção do instituto da liquidação extrajudicial, que, a rigor, é paralelo ao regime de falência, só que feito fora de juízo, e que, em tese propicia maior controle a agilidade á autoridade fiscalizadora para sanar, drasticamente eventuais focos de intranqüilidade, caracterizadora mesmo da inviabilidade de recuperação da entidade.

This extract was obtained for clarification - when a company closes down, but is not declared bankrupt. This is called 'liquidation'.

http://www.google.com/search?q=extrajudicial liquidation&hl=...

IS this Brazil? All refs appear to be from Brazil - see this extract:

Finanz sued to recover on promissory notes guaranteed by defendant, Banco Economico S.A. (BESA) of Brazil. Before the notes matured, the central bank of Brazil placed BESA into "intervention"-a form of pre-bankruptcy financial monitoring under Brazilian law-as a result of its poor financial condition. After the notes had matured, the intervention was converted into an extrajudicial liquidation, which is similar to bankruptcy proceedings in the U.S. Creditors, including Finanz, would be paid after liquidation, depending on status as creditors and funds available. Finanz presented the notes for payment at the New York branch of BESA, but was refused payment. Finanz then sued BESA in the U.S. for payment. The district court dismissed the suit in favor of the Brazilian proceeding. Finanz appealed.
Decision Affirmed. Under Brazilian law, bank liquidation is an extrajudicial proceeding. The liquidator has control of BESA finances and U.S. courts respect such proceedings and will not intervene. Comity is "the recognition which one nation allows within its territory to the legislative, executive or judicial acts of another nation, having due regard both to international duty and convenience, and to the rights of its own citizens or of other persons who are under the protection of its laws." Under this principle, U.S. "Courts ordinarily refuse to review acts of foreign governments and defer to proceedings taking place in foreign countries" so long as the foreign court has proper jurisdiction and does not prejudice the rights of U.S. citizens. Brazilian bankruptcy proceedings are to be respected.
Selected response from:

xxxLia Fail
Spain
Local time: 19:02
Grading comment
4 KudoZ points were awarded for this answer

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Summary of answers provided
naextrajudicial liquidationxxxLia Fail


  

Answers


2 hrs
extrajudicial liquidation


Explanation:
Tendo em vista que as entidades fechadas de previdência privada não estão sujeitas à falência, para sua dissolução utiliza-se o processo de liquidação extrajudicial. ////Seu escopo é a realização do ativo para pagamento do passivo.////Essas instituições pertencem a ramo extremamente sensível e qualquer anormalidade em suas atividades, justifica a adoção do instituto da liquidação extrajudicial, que, a rigor, é paralelo ao regime de falência, só que feito fora de juízo, e que, em tese propicia maior controle a agilidade á autoridade fiscalizadora para sanar, drasticamente eventuais focos de intranqüilidade, caracterizadora mesmo da inviabilidade de recuperação da entidade.

This extract was obtained for clarification - when a company closes down, but is not declared bankrupt. This is called 'liquidation'.

http://www.google.com/search?q=extrajudicial liquidation&hl=...

IS this Brazil? All refs appear to be from Brazil - see this extract:

Finanz sued to recover on promissory notes guaranteed by defendant, Banco Economico S.A. (BESA) of Brazil. Before the notes matured, the central bank of Brazil placed BESA into "intervention"-a form of pre-bankruptcy financial monitoring under Brazilian law-as a result of its poor financial condition. After the notes had matured, the intervention was converted into an extrajudicial liquidation, which is similar to bankruptcy proceedings in the U.S. Creditors, including Finanz, would be paid after liquidation, depending on status as creditors and funds available. Finanz presented the notes for payment at the New York branch of BESA, but was refused payment. Finanz then sued BESA in the U.S. for payment. The district court dismissed the suit in favor of the Brazilian proceeding. Finanz appealed.
Decision Affirmed. Under Brazilian law, bank liquidation is an extrajudicial proceeding. The liquidator has control of BESA finances and U.S. courts respect such proceedings and will not intervene. Comity is "the recognition which one nation allows within its territory to the legislative, executive or judicial acts of another nation, having due regard both to international duty and convenience, and to the rights of its own citizens or of other persons who are under the protection of its laws." Under this principle, U.S. "Courts ordinarily refuse to review acts of foreign governments and defer to proceedings taking place in foreign countries" so long as the foreign court has proper jurisdiction and does not prejudice the rights of U.S. citizens. Brazilian bankruptcy proceedings are to be respected.


xxxLia Fail
Spain
Local time: 19:02
Native speaker of: Native in EnglishEnglish
PRO pts in pair: 164
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