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Bankruptcy
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While some companies perform well and expand, others are less successful and may have to go out of business.
When a person or business is unable to pay its debts they are considered to be in a state of insolvency or to be insolvent.
If the creditors, the people who are owed money take the matter to the court, the person or company is declared bankrupt. A company is then said to go bankrupt or to go bust.
Receivers are specialised accountants who are appointed by the court to find someone to rescue the company. If a company cannot be rescued, it goes into liquidation (into receivership).
The receivers, administrators or liquidators are specialists who are appointed to sell the company's assets and pay off the debts to creditors.
Another option is for the failing company to go into voluntary liquidation and appoint its own liquidator. When a company is on the verge of bankruptcy it should stop trading.
Exercises in Word Study
Ex.1. Form nouns from the following adjectives:
unable, successful, insolvent, failing, voluntary, administrative, optional, bankrupt.
Ex.2. Give the English for:
бути неплатоспроможним; кредитори; оголосити компанію банкрутом; збанкрутуватися (3); призначати ліквідаторів; рятувати компанію; розрахуватися з боргами; добровільна ліквідація компанії; на межі банкрутства; проблемна компанія.
Ex.3. Match words from list A with words from list B that have a similar meaning.
| A | B |
| bankrupt appoint voluntary option go bankrupt receiver rescue | save liquidator go bust optional alternative designate insolvent |
Ex.4. Find suitable opposites to the following words and phrases:
voluntary, bankruptcy, successful, to go out of business, debtor, to dismiss.
Ex.5. Match the nouns in the left-hand column with the verbs in the right-hand column:
| bankrupt insolvency liquidation | be put into go into become go avoid declare |
Ex.6. Complete the following sentences with either " bankrupt" or " bankruptcy".
1. Years of mismanagement had left the region virtually ….
2. Several local companies have gone ….
3. The firm I work for is facing ….
4. The company is ….
5. Many of the companies that they had invested in went ….
6. … can be involuntary or voluntary.
7. The recession led to a flood of ….
8. The company declared … in 2006.
9. Involuntary … is initiated by creditors.
10. The newspapers accused the government of being … in ideas.
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