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.
Ex.7. Look at the words and phrases in the box. Match them with the correct definition from the list below.
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1. the state of being unable to pay your debts;
2. a person or an organization that you owe money to;
3. the person appointed by the court to close a company and dispose of its assets;
4. to become bankrupt;
5. to save someone or something from prison, danger, etc.
6. the closing of a company that has stopped trading, usually because it has gone bankrupt;
7. a bankruptcy procedure initiated by an individual or business that can no longer meet its financial obligations;
8. a bankruptcy procedure initiated by creditors.
Ex.8. Find words in the text which have a similar meaning to the informal words and phrases listed below:
s go under;
s go to the wall;
s crash;
s fold;
s collapse.
Ex.9. Write the appropriate word or phrase in the following spaces. Translate the sentences into Ukrainian.
1. The firm I work for is facing … .
2. Several local companies have gone … .
3. The owner of the small business became … during the recession.
4. The company has gone bankrupt and can’t pay its … .
5. One of the company directors was appointed … .
6. The company has decided to take … .
7. It will take years … all his debts.
8. His company is … bankruptcy.
9. Small businesses in Great Britain are currently … at a rate of one every six minutes.
10. Their business is so unsuccessful. I think they are considering … .
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Ex.10. Fill in the missing prepositions.
Insolvency
Insolvency is the condition … being unable to meet debts. A company is insolvent when it is unable to meet the demands … all its creditors … selling all its assets … cash. … such a situation, the creditors would apply … the business to be wound up, and ask … a liquidator to be appointed who could dispose … the assets and pay … the creditors where possible. The company would stop trading, and when the winding … is complete, cease to exist.
Notes:
to wind up – ліквідувати (компанію)
to cease – припиняти (ся)
(of (3), by, for (3), in, up, off)
Exercises in Comprehension
Ex.1. Answer the following questions:
1. What may happen to less successful companies?
2. When is a business considered to be in a state of insolvency?
3. Who are creditors?
4. When is the company declared bankrupt?
5. Who are receivers?
6. What happens to a company if it cannot be rescued?
7. What are liquidators appointed for?
8. Does the failing company have any option?
9. What should the company do if it is on the verge of bankruptcy?
10. What is voluntary liquidation?
Ex.2. Sum up what you remember about a bankruptcy procedure. Who can it be initiated by?
Grammar Revision
| Modal Verbs A. Ability: can, could, be able to 1. Can and cannot/can’t are commonly used to talk about ability to do something in the present. He can speak several foreign languages. |
| 2. To talk about someone’s general ability to do something in the past we use could and someone’s specific ability (to do something on one occasion) – was/were able to I could read when I was five. I was able to see personnel manager without an appointment. |
| 3. To talk about ability with perfect and future forms, the be able to structure is used. Will you be able to send this fax? |
| B. Permission: can, could, may, be allowed to 1. a) Can and could are used to ask for permission in the present. May can be also used but is quite formal. Could/ Can I call you back? May I use your phone, please? b) When talking about whether something is permitted or not we use can/ can’t and be (not) allowed to. Passengers are not allowed to smoke during take-off. You can leave your letter at the reception. 2. To talk about permission in the past we use could/ couldn’t and was/ were not allowed to. We were not allowed to ask any questions. 3. When talking about permission with future and perfect forms be allowed to is used. He will not be allowed to invest in this business. |