Jun 2, 2014 10:31
10 yrs ago
19 viewers *
French term
France
avec retour à meilleur fortune
French to English
Bus/Financial
Accounting
representation letter
This phrase (which appears in a representation letter) appears to mean "clawback provision"
can anyone confirm? (as it doesn't have the word provision, I am a little wary, but it fits in the context)
Les provisions pour risques et charges comptabilisées à la date des comptes audités doivent permettre de faire face aux coûts prévisionnels estimés des risques et charge futurs identifiés.
En date du 31 décembre 2013, notre actionnaire unique a abandonné une partie de sa créance à hauteur de… avec retour à meilleur fortune.
Thanks,
Jackie
can anyone confirm? (as it doesn't have the word provision, I am a little wary, but it fits in the context)
Les provisions pour risques et charges comptabilisées à la date des comptes audités doivent permettre de faire face aux coûts prévisionnels estimés des risques et charge futurs identifiés.
En date du 31 décembre 2013, notre actionnaire unique a abandonné une partie de sa créance à hauteur de… avec retour à meilleur fortune.
Thanks,
Jackie
Proposed translations
(English)
| 4 | with a better-fortunes clause |
rkillings
|
| 4 +1 | financial recovery clause |
Tom Weber
|
| 3 -1 | with a debtor-warrant clawback |
Adrian MM. (X)
|
Proposed translations
7 hrs
Selected
with a better-fortunes clause
This term question is a hardy perennial here on Proz.
Don't be afraid of using the near-literal translation in English. It now has a longish history of appearing in EU documents, EN press coverage of French business, academic papers on EU competition law and regulatory policy, and so on.
The bare meaning is essentially the same (Google will find you instances of "clawback or 'better fortunes' clause", where the writer felt a need to gloss each term with the other). The fields of application of "clawback" in EN are more varied, more numerous and broader than the context of 'retour à meilleure fortune' in FR -- especially if you count as "clawbacks" those contract clauses that appear under names such as "recoupment" or "recapture". The meaning is all about getting something back.
The context of a better-fortunes clause in FR is essentially always forgiveness or provisional abandonment of a *debt* that has become uncollectible. The notion is that in the unexpected event that the borrower becomes able to pay back some or all of what was previously owed, the borrower will share his good fortune with the creditor. :-)
Contrast that with the most common contexts of clawbacks in EN, which tend to be about clawing back what should not have been paid out or taken in the first place; for example, hedge fund investors reclaiming performance-based management fees from fund operators when returns go south. :-(
IMO, to insist on "clawback" as the standard EN term is to cause your translation to introduce a set of negative connotations that are not present in the FR term.
Can't easily give working links to them, but see these titles via Google books:
books.google.com/books?isbn=1135044643
books.google.com/books?isbn=0414046560
books.google.com/books?isbn=9041133550
Don't be afraid of using the near-literal translation in English. It now has a longish history of appearing in EU documents, EN press coverage of French business, academic papers on EU competition law and regulatory policy, and so on.
The bare meaning is essentially the same (Google will find you instances of "clawback or 'better fortunes' clause", where the writer felt a need to gloss each term with the other). The fields of application of "clawback" in EN are more varied, more numerous and broader than the context of 'retour à meilleure fortune' in FR -- especially if you count as "clawbacks" those contract clauses that appear under names such as "recoupment" or "recapture". The meaning is all about getting something back.
The context of a better-fortunes clause in FR is essentially always forgiveness or provisional abandonment of a *debt* that has become uncollectible. The notion is that in the unexpected event that the borrower becomes able to pay back some or all of what was previously owed, the borrower will share his good fortune with the creditor. :-)
Contrast that with the most common contexts of clawbacks in EN, which tend to be about clawing back what should not have been paid out or taken in the first place; for example, hedge fund investors reclaiming performance-based management fees from fund operators when returns go south. :-(
IMO, to insist on "clawback" as the standard EN term is to cause your translation to introduce a set of negative connotations that are not present in the FR term.
Can't easily give working links to them, but see these titles via Google books:
books.google.com/books?isbn=1135044643
books.google.com/books?isbn=0414046560
books.google.com/books?isbn=9041133550
4 KudoZ points awarded for this answer.
Comment: "Thanks for your expert help! "
-1
1 hr
with a debtor-warrant clawback
Already in the glossaries as clawback (deprecated) and financial recovery.
Note the similar DE concept of a 'Besserungsschein', namely a debtor warrant and the concept of an 'earnout', depending on a target company's future performance.
Note the similar DE concept of a 'Besserungsschein', namely a debtor warrant and the concept of an 'earnout', depending on a target company's future performance.
Example sentence:
A contractual provision stating that the seller of a business is to obtain additional future compensation based on the business achieving certain future financial goals.
Peer comment(s):
| disagree |
philgoddard
: This is overtranslation, and your references don't support your answer. All we know is that it's something to do with the company's fortunes improving.
19 mins
|
|
Your last sentence: it's a wiaver of debt, so try to link the two somehow.
|
+1
3 hrs
financial recovery clause
This is like translating "croissant." No native US (or UK?) equivalent. Conditional waivers are not part of US (or UK?) financial conventions. (see http://m.freshfields.com/uploadedFiles/SiteWide/Knowledge/Th... My own TM contains several instances for French and Belgian documents. I have followed the convention of translating this as "financial recovery" clause, exept where I thought "conditional waiver" was better, being more explanatory.
Discussion
Acte par lequel des prêteurs de l'entreprise (banquiers, fournisseurs, voire associés) abandonnent tout ou partie de leurs créances sur l'entreprise qui enregistre de ce fait un profit exceptionnel.
Cette technique est souvent utilisée lorsque l'entreprise est en difficulté et qu'elle ne peut plus faire face avec les flux générés par son actif économique à la rémunération et aux remboursements de ses dettes. Souvent les créanciers qui abandonnent tout ou partie de leurs créances obtiennent en contre partie le bénéfice d'une clause de retour à meilleure fortune qui prévoit que, si la santé de l'entreprise s'améliorait, tout ou partie des dettes qui ont été abandonnées seraient alors remboursées par l'entreprise. Cette clause peut aussi prendre la forme d'octroi de bons de souscription d'action (BSA) sur lesquels les créanciers feront un profit compensant ainsi une partie de l'abandon de leurs créances si l'entreprise se redresse effectivement.
claw-back provision
(A claw-back provision stipulates that the principal initially foregone during the restructuring process will be repaid if the company’s future profits exceed a certain level.)
It's not unheard of for this kind of expression to be used as the name of a more-or-less standard clause of this nature.
Probably isn't, but I think it would be as well to check; what worries me is that it doesn't sound to me very logical to say that this person has agreed to waive their debt "because they now have more dosh".