More than half? 11:33 Feb 9, 2009
I realise that this article has nothing to do with setting a limit on the amount of assets that can be distrained. As I understand it, it sets a limit beyond which the debtor must himself file for bankruptcy. This limit is set at half of the debtor's assets, i.e. it kicks in when he loses at least half of his assets but he could actually have lost more.
Let us say, for example, that there are two debtor's called John and Peter who both have 100,000 pounds in assets. Let us say that one of John's creditors brings recovery action against him and distrains 50,000 pounds worth of his assets, and one of Peter's creditors also brings recovery action against him and distrains 51,000 pounds worth of his assets.
In other words 100,000/50,000 = 50% (exactly half) of John's assets have been distrained, whereas 100,000/51,000 = 51% (more than half) of Peter's assets have been distrained.
Let us say that the total amount of debts that have fallen due or will fall due within a year owed by both of these debtors is 60,000 pounds, such that the remaining amount of their assets is insufficient to cover these liabilities, who does the provision of this paragraph apply to? Only John because precisely half of assets were distrained, or John and Peter because half or more of their assets have been distrained? Only the latter is logical.
I would contend that if we translate "yarı mevcudu" in the above sentence literally as "half of his assets" then this would read in English as if it only applied to John in the above example. I think that to make the meaning clear we need to use either "half or more of his assets" or "at least half of his assets". |