English translation: company in a court-supervised, compulsory scheme of arrangement
Login or register (free and only takes a few minutes) to participate in this question.
You will also have access to many other tools and opportunities designed for those who have language-related jobs (or are passionate about them). Participation is free and the site has a strict confidentiality policy.
GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Spanish term or phrase:
Compañía en convocatoria
company in a court-supervised, compulsory scheme of arrangement
Explanation: lit. that has summoned a creditors' meeting.
Compulsory is meant to denote a creditor's petition. Voluntary would be a petition by the co. itself.
Scheme of arrangement subsumes a meeeting of creditors - but a co. can hardly be in such a meeting.
Butterworths SPA>ENG law dict. gives a long-winded explanation using questionable insolvency terms: 'petition to call creditors' meeting (before a judge, by a (judgment?) debtor's creditor, for the purpose of forestalling a (the?) debtor's bankruptcy'. As a consequence..., the creditors will vote on a plan .. to extend (reschedule?) the payment periods and lower level of payments. Upon an affirmative vote (vote in favo(u)r?), the plan (scheme?) must be approved by the court.'