Glossary entry (derived from question below)
English term or phrase:
insolvent scheme
Polish translation:
porozumienie układowe w warunkach niewypłacalności
Added to glossary by
Polangmar
Jul 30, 2010 14:03
13 yrs ago
3 viewers *
English term
Poland
Always accurate, fast if necessary.
Native in: Polish 
Works in: English to Polish, Spanish to Polish
insolvent scheme
English to Polish
Bus/Financial
Insurance
Liquidations and Solvent Schemes.
The limits of authority within GCC are as follows:
iii. The Group Chief Executive and the Group Underwriting and Claims Director must jointly approve all solvent and insolvent schemes above £25m. iv. The Group Underwriting and Claims Director jointly with the Group Reinsurance Director must approve all such schemes up to and including £25m.
Tp pytanie jest powiązane bezpośrednio z innym, które zadałem tutaj: http://www.proz.com/kudoz/english_to_polish/insurance/395204...
Będę wdzięczny za wszelkie sugestie.
The limits of authority within GCC are as follows:
iii. The Group Chief Executive and the Group Underwriting and Claims Director must jointly approve all solvent and insolvent schemes above £25m. iv. The Group Underwriting and Claims Director jointly with the Group Reinsurance Director must approve all such schemes up to and including £25m.
Tp pytanie jest powiązane bezpośrednio z innym, które zadałem tutaj: http://www.proz.com/kudoz/english_to_polish/insurance/395204...
Będę wdzięczny za wszelkie sugestie.
Proposed translations
(Polish)
| 4 +1 | porozumienie układowe w warunkach niewypłacalności |
Polangmar
|
| 4 -1 | postępowanie likwidacyjne |
rzima
|
Change log
Jul 30, 2010 14:03: changed "Kudoz queue" from "In queue" to "Public"
Aug 6, 2010 18:46: Polangmar Created KOG entry
Proposed translations
+1
1 hr
Selected
porozumienie układowe w warunkach niewypłacalności
Lub, bardziej opisowo, porozumienie układowe zakładające niepełną spłatę zobowiązań.
The 18 Dutch insurance companies formed a pool known as the Dutch Aviation Pool. The pool was managed by DAP Holding NV ("DAP"), which also participated in the pool. On 31 December 1996 the other 17 insurers, who are all solvent, ceased participating in the pool. DAP continued to write business, wholly for its own account, for a further four years before it went into run-off. DAP is now insolvent. The scheme (in law 18 schemes) is a mixture of solvent schemes for the 17 solvent pool members, and an insolvent scheme for DAP.
In our Law Now in July 2005 we drew attention to the two most important points in the BAIC decision which would have a significant effect on other solvent schemes in the future. The first was that in a solvent scheme, where the alternative to the scheme is continuation of the solvent run-off, IBNR creditors must be in a separate class from creditors with accrued claims.
http://tinyurl.com/35uecy9
The 18 Dutch insurance companies formed a pool known as the Dutch Aviation Pool. The pool was managed by DAP Holding NV ("DAP"), which also participated in the pool. On 31 December 1996 the other 17 insurers, who are all solvent, ceased participating in the pool. DAP continued to write business, wholly for its own account, for a further four years before it went into run-off. DAP is now insolvent. The scheme (in law 18 schemes) is a mixture of solvent schemes for the 17 solvent pool members, and an insolvent scheme for DAP.
In our Law Now in July 2005 we drew attention to the two most important points in the BAIC decision which would have a significant effect on other solvent schemes in the future. The first was that in a solvent scheme, where the alternative to the scheme is continuation of the solvent run-off, IBNR creditors must be in a separate class from creditors with accrued claims.
http://tinyurl.com/35uecy9
Peer comment(s):
| agree |
Luiza Jude
: http://en.wikipedia.org/wiki/Insolvency#Definition_in_the_UK
5 hrs
|
|
Dziękuję.:)
|
4 KudoZ points awarded for this answer.
Comment: "Dziękuję!"
-1
29 mins
postępowanie likwidacyjne
imho
Jeśli przyjmiemy, że "solvent scheme" to "porozumienie układowe" mające na celu zawarcie ugody by doprowadzić podmiot/przedsięwzięcie do normalnego końca lub kontynuowania normalnego działania ale na nowych warunkach, to innym rozwiązaniem jest likwidacja (postępowanie likwidacyjne), czyli zaspokojenie roszczeń w miarę dostępności środków i zakończenie przedsięwzięcia / rozwiązanie podmiotu.
Zresztą wynika też z tytułu :-)
Przy "postępowaniu likwidacyjnym" być może warto solvent scheme przetłumaczyć jako "postępowanie układowe" zamiast "porozumienie układowe".
Jeśli przyjmiemy, że "solvent scheme" to "porozumienie układowe" mające na celu zawarcie ugody by doprowadzić podmiot/przedsięwzięcie do normalnego końca lub kontynuowania normalnego działania ale na nowych warunkach, to innym rozwiązaniem jest likwidacja (postępowanie likwidacyjne), czyli zaspokojenie roszczeń w miarę dostępności środków i zakończenie przedsięwzięcia / rozwiązanie podmiotu.
Zresztą wynika też z tytułu :-)
Przy "postępowaniu likwidacyjnym" być może warto solvent scheme przetłumaczyć jako "postępowanie układowe" zamiast "porozumienie układowe".
Peer comment(s):
| disagree |
Polangmar
: "It is also vastly preferable to liquidation in the U.K. which can be very expensive." || "must approve all such schemes" (z kontekstu) - postępowania likwidacyjnego dyrektorzy nie zatwierdzają.
50 mins
|
Reference comments
1 hr
Reference:
solvent and insolvent schemes of arrangement
What are they? What is an “insolvent scheme” versus
a “solvent scheme?” How do they help or hurt U.S.
policyholders?
Technically speaking, a scheme of arrangement is
a compromise or “arrangement” under English law
(Section 425 of the 1985 Companies Act) between
the company and its creditors to run-off the company’s
liabilities under an agreed format. In the case of
insolvent schemes, the run-off will pay at less than
100¢ on the dollar.1 It is the functional equivalent
of a Chapter 11 Reorganization Plan in this country.
It is also vastly preferable to liquidation in the U.K.
which can be very expensive.
For a solvent scheme of arrangement, the major
diff erence is that the run-off of the company’s liabilities
will be at 100¢ on the dollar. For management,
the purpose of using a solvent scheme
of arrangement is to terminate the insurance business
and recapture any remaining capital for the
shareholders.
For a proposed Scheme (solvent or insolvent) to become
fi nal and binding it must fi rst be approved by a
majority in number and 75% in value of those voting
at the Scheme meeting — and sanctioned by order of
the English court.
How Does An Insolvent Scheme
Of Arrangement Work?
Without getting into mind-numbing detail, once a
policyholder’s claim has been fi led with the Scheme
and “approved” (or what the British call “crystallized”),
it is set for payment — on an installment
basis. In order to protect against preferential treatment
of creditors whose claims become approved
in the early years of the run-off to the detriment of
those policyholders that have contingent long-term
claims (such as environmental or asbestos claims)
— approved claims are paid on an annual installment
basis. For example, in the fi rst year after approval of
the insolvent Scheme, an interim payment percentage
of 10% may be established. If a policyholder has
an approved claim of $1,500,000, the policyholder’s
payment in that fi rst year will be $150,000. Th e second
year installment will be made in the ensuing year
as further assets (e.g. reinsurance) are collected and
more of the liabilities are fi xed. In the second year,
the installment percentage may be increased to 15%
in which case the fi rst year policyholder will get an additional
5% (in this example, $75,000) plus interest.
Th is procedure of incremental increases in payment
percentages will continue throughout the life of the
run-off . At the end of the run-off , the policyholder
may obtain total percentage of payment which is signifi
cantly higher.
[etc.]
http://www.andersonkill.com/pdfs/external/Sol1709cm.pdf
a “solvent scheme?” How do they help or hurt U.S.
policyholders?
Technically speaking, a scheme of arrangement is
a compromise or “arrangement” under English law
(Section 425 of the 1985 Companies Act) between
the company and its creditors to run-off the company’s
liabilities under an agreed format. In the case of
insolvent schemes, the run-off will pay at less than
100¢ on the dollar.1 It is the functional equivalent
of a Chapter 11 Reorganization Plan in this country.
It is also vastly preferable to liquidation in the U.K.
which can be very expensive.
For a solvent scheme of arrangement, the major
diff erence is that the run-off of the company’s liabilities
will be at 100¢ on the dollar. For management,
the purpose of using a solvent scheme
of arrangement is to terminate the insurance business
and recapture any remaining capital for the
shareholders.
For a proposed Scheme (solvent or insolvent) to become
fi nal and binding it must fi rst be approved by a
majority in number and 75% in value of those voting
at the Scheme meeting — and sanctioned by order of
the English court.
How Does An Insolvent Scheme
Of Arrangement Work?
Without getting into mind-numbing detail, once a
policyholder’s claim has been fi led with the Scheme
and “approved” (or what the British call “crystallized”),
it is set for payment — on an installment
basis. In order to protect against preferential treatment
of creditors whose claims become approved
in the early years of the run-off to the detriment of
those policyholders that have contingent long-term
claims (such as environmental or asbestos claims)
— approved claims are paid on an annual installment
basis. For example, in the fi rst year after approval of
the insolvent Scheme, an interim payment percentage
of 10% may be established. If a policyholder has
an approved claim of $1,500,000, the policyholder’s
payment in that fi rst year will be $150,000. Th e second
year installment will be made in the ensuing year
as further assets (e.g. reinsurance) are collected and
more of the liabilities are fi xed. In the second year,
the installment percentage may be increased to 15%
in which case the fi rst year policyholder will get an additional
5% (in this example, $75,000) plus interest.
Th is procedure of incremental increases in payment
percentages will continue throughout the life of the
run-off . At the end of the run-off , the policyholder
may obtain total percentage of payment which is signifi
cantly higher.
[etc.]
http://www.andersonkill.com/pdfs/external/Sol1709cm.pdf
Discussion
http://tinyurl.com/273up7x