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08:30 Aug 14, 2000
Spanish to English translations [PRO] Bus/Financial
Spanish term or phrase:entrar en cesación de pagos
Explanation: cesación (suspensión in Spain) de pagos is not a bankruptcy proceeding but the court appoints an administrator to administrate the entity's business and holds off creditors until it can be determined whether or not the entity is bankrupt or until it recovers from the temporary lack of liquid assets. I prefer this translation, especially for European readers.
Eurodictautom, however, perfers "suspension of payments".
Explanation: In Spanish, we can also say that 'el gobierno se declara en moratoria...'.
Moratorium is defined in English as a legally authorized period of delay in the performance of a legal obligation or the payment of a debt. (Wenster's Third International Dictionary). They usually have to be authorized by legislatures or parliaments before the Executive issues the order to proceed. Brazil did during the 80s when the country couldn't meet the payment schedule and they had to renegotiate with the World Bank and the IMF (International Monetary Fund) Hope it helps!