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  • Video vocab by business English part dot com today will begin a two part series on vocabulary related to bankruptcy.

  • First, we'll hear a short article introducing the topic.

  • Then we'll go over each word in detail with some example sentences to show you how to use the words at the end of the video, you'll have a chance to review and practice your new vocabulary.

  • When a company fails to pay its debts or builds up more debt than it can pay in future, it is considered insolvent.

  • In this situation, filing for bankruptcy.

  • Maybe it's only option.

  • Bankruptcy laws in the US are designed to protect the operations of insolvent companies while allowing creditors, such as bondholders, to recover as much of their claims as possible.

  • Businesses in the United States usually declare bankruptcy under one of two provisions or chapters in the U.

  • S.

  • Bankruptcy code.

  • The more common type is known as Chapter 11 named after the section of the code that describes it.

  • When a company goes into Chapter 11 a bankruptcy court gives it protection from its creditors, which prevents them from suing the company and allows it to continue its normal business.

  • In other cases, a bankrupt firm may completely cease to exist.

  • These companies may choose or be forced by their creditors to go into liquidation.

  • Also known as Chapter seven.

  • In a Chapter seven bankruptcy, the firm stops doing business and its assets are liquidated or sold for the highest possible price, with creditors dividing the proceeds.

  • Now we'll go through each word in detail with some example sentences to show you how you can use the vocabulary.

  • Insolvent, insolvent insolvency An individual or company that cannot be expected to pay its debts is considered insolvent.

  • Richards Mortgage payments were very high, and he became insolvent after losing his job.

  • Bankrupt.

  • BANKRUPT BANKRUPTCY A company becomes bankrupt when a special court known as a bankruptcy court, rules that it is insolvent.

  • The company was driven into a bankruptcy when several major clients canceled their accounts.

  • BANKRUPTCY PLAN Bankruptcy plan.

  • The court usually orders the individual or firm to follow a bankruptcy plan, also known as a reorganization, which requires it to repay as much of its debt as possible.

  • Susan's bankruptcy plan requires her to pay $1200 per month towards settling her debts to file for bankruptcy to declare bankruptcy companies seek protection by filing for bankruptcy, and the court declares a firm bankrupt when it grants this status.

  • Circuit City filed for bankruptcy after a long period of declining sales in the US Individuals who use this process can also be said to declare bankruptcy when my credit card bills grew too large for me to handle.

  • Declaring bankruptcy was the only choice left creditor creditor.

  • A creditor is any person or company who is owed money by another person or company.

  • Creditors in a bankrupt company may play a major role in designing its bankruptcy plan, and I usually allowed to vote on accepting or rejecting the plan.

  • Pressure from our largest creditors has forced us to consider selling one of our divisions.

  • Secured creditors secured Creditor creditors, whose loans are guaranteed by a specific asset, are known a secured creditors.

  • This bank loan is secured by the land and buildings of the company's head office.

  • Unsecured creditors.

  • Unsecured creditor unsecured creditors can only receive a share of what is left after secured creditors are paid as fully as possible.

  • Bondholder bondholder bondholders.

  • Air investors who own bonds or debt certificates in a company in most corporate bankruptcies, the bondholders will be the largest creditors.

  • Some of the bondholders in Chandler Incorporated wanted senior managers to take salary cuts as part of the reorganization.

  • Claims claims the sums of money owed by a bankrupt company are known as claims claims may be made by bondholders seeking repayment of loans by workers seeking unpaid wages or buy supplies.

  • Seeking to settle outstanding bills, investors with claims against the company are examining the courts bankruptcy plan very closely.

  • Chapter 11 go into Chapter 11 in American bankruptcy law.

  • Chapter 11 refers to the section of the legal code that allows firms to declare bankruptcy while continuing their day to day activities.

  • A company that goes into Chapter 11 or six Chapter 11 protection is usually seeking to deal with unmanageable debts while avoiding lawsuits by creditors and working to become profitable in the future.

  • We feel we have good prospects going forward, but our investment losses this year have forced us to see Chapter 11 protection.

  • Chapter seven go into Chapter seven.

  • Chapter seven of the U.

  • S.

  • Bankruptcy code covers insolvent companies that cease doing business, usually because they seem to have no chance of returning to profitability.

  • Without a government bail out, General Motors might have been forced into Chapter seven bankruptcy liquidation.

  • Liquidate a company that goes into Chapter seven, also known as Going into liquidation, will be broken up and have its assets sold separately or liquidated to recover as much cash as possible for creditors.

  • If this business still has some future potential, a Chapter 11 bankruptcy might give bondholders a better deal than liquidation.

  • Now it's your turn to practice some of the words we have studied in this episode you'll hear a Siris of sentences with the word blanked out or replaced with a beep.

  • Repeat the whole sentence, but Salem missing word.

  • For example, if you here our largest, is a German bank and they've become concerned about our ability to repay, you should say our largest creditor is a German bank, and they've become concerned about our ability to repay.

  • Will play an example.

  • Answer after each exercise.

  • Are you ready?

  • Let's begin.

  • The company was driven into when several major clients canceled their accounts.

  • Answer.

  • The company was driven into bankruptcy when several major clients canceled their accounts.

  • Some of the people with uh against the company include our key supplies and vendors.

  • Answer.

  • Some of the people with claims against the company include our key supplies.

  • Inventors.

  • The creditors are considering whether it's in their best interests to, uh the company or allowed to stay in business.

  • Answer the creditors air.

  • Considering whether it's in their best interest to liquidate the company or allowed to stay in business, our accountants feel that the fall in value of our investments may leave us.

  • If it goes any further.

  • Answer.

  • Our accountants feel that the fall in value of our investments may leave us insolvent if it goes any further.

  • This is the first of a two part series on bankruptcy vocabulary.

  • Part two will be released next week.

  • In the meantime, you can visit the website at www dot business English pod dot com to watch and download lots more videos on business English.

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B2 中高級

ESL金融英語課程:Bankruptcy詞彙1 (Financial English Lesson for ESL: Bankruptcy Vocabulary 1)

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    林宜悉 發佈於 2021 年 01 月 14 日
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