Mar 24, 2022 14:11
2 yrs ago
22 viewers *
English term
France
Accurate, reliable and always on time!
Native in: French (Variant: Standard-France) 
Works in: Italian to French, English to French, French to Italian, and 2 more.
Bankruptcy remote vehicle
English to French
Bus/Financial
Finance (general)
Cryptomonnaies / cryptocurrencies
Hi !
I wonder how to translate the term "Bankruptcy remote vehicle" in French, we're talking about cryptocurrencies here.
véhicule de financement contre la faillite...? What about "remote" ?
Here's a bit of context :
"The Foundation operates exclusively for XXX and functions as a bankruptcy remote vehicle for safeguarding customer’s Funds."
Thanks a lot !
I wonder how to translate the term "Bankruptcy remote vehicle" in French, we're talking about cryptocurrencies here.
véhicule de financement contre la faillite...? What about "remote" ?
Here's a bit of context :
"The Foundation operates exclusively for XXX and functions as a bankruptcy remote vehicle for safeguarding customer’s Funds."
Thanks a lot !
Proposed translations
(French)
Proposed translations
-1
1 hr
Emiliano Pantoja
Spain
Spain
Specializes in field
Spain
Lawyer and Translator
Native in: Spanish
Works in: French to Spanish, English to Spanish, Italian to Spanish, and 4 more.
Related KudoZ points
:
28
Structure/véhicule spécifique à société en faillite
Entité à vocation particulière à l'abri (à distance) de la faillite ou de l'insolvabilité
l
l
Peer comment(s):
| disagree |
Daryo
: wrong combination of the right words => there is no such thing as a "legal form specific to bankrupt companies" - a bankrupt company is no longer an existing one.
22 hrs
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-1
5 hrs
Francois Boye
United States
United States
Native in French
Specializes in field
United States
An economic geek with social skills
Native in: French
Works in: English to French, French to English, Spanish to English, and 1 more.
Related KudoZ points
:
964
société véhicule susceptible de tomber en faillite sans retombée sur son groupe
A bankruptcy remote company is a company within a corporate group whose bankruptcy has as little economic impact as possible on other entities within the group. A bankruptcy remote company is often a single-purpose entity.
In practice, due to the concept of limited liability, most companies in developed legal systems will be de facto bankruptcy remote from other members of the group (except in limited circumstances where creditors are permitted to pierce the corporate veil). However, in financial structuring, references to bankruptcy remoteness usually imply additional steps being taken to protect group members from attendant liability, such as by using an orphan structure to remove the legal ownership of the bankruptcy remote vehicle from the group, whilst retaining the economic benefits of it. Such structures are used where the vehicle's activities may give liability to the group as a whole, for example, under certain environmental protection legislation, or in relation to tax liabilities in certain countries.
In practice, due to the concept of limited liability, most companies in developed legal systems will be de facto bankruptcy remote from other members of the group (except in limited circumstances where creditors are permitted to pierce the corporate veil). However, in financial structuring, references to bankruptcy remoteness usually imply additional steps being taken to protect group members from attendant liability, such as by using an orphan structure to remove the legal ownership of the bankruptcy remote vehicle from the group, whilst retaining the economic benefits of it. Such structures are used where the vehicle's activities may give liability to the group as a whole, for example, under certain environmental protection legislation, or in relation to tax liabilities in certain countries.
Peer comment(s):
| disagree |
Daryo
: It's exactly the other way round! It's the vehicle that is protected from the bankruptcy of those who created it! The case of ENRON is about something else: their SPVs putting their money in lost causes, nothing to do with SPVs being "bankruptcy remote"!
2 days 10 hrs
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SPVs got bankrupt during the 2008/09 crisis. They couldn't be bailed out, because the commercial paper market was frozen: no one was willing to lend!
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-1
2 days 15 hrs
entité à l'abri de la faillite
basé sur la trad du Glossaire... de l'OCDE :
bankruptcy remote entity
>
« entité à l'abri de la faillite »
Quelques exemples qui semblent fiables :
Selon Swiss Re (2006), une structure ad hoc peut être définie comme «une
entité à l’abri de la faillite dont les opérations sont limitées à l’acquisition et au
financement d’actifs spécifiques.
https://dumas.ccsd.cnrs.fr/dumas-00908643/document
(Entité à l Abri de la Faillite) Ce terme s applique à une entité ad hoc, structurée de manière à limiter les risques d une déclaration d état de cessation de paiement ou de mise en liquidation par le fait d un créancier tiers.
https://docplayer.fr/19182509-Glossaire-des-termes-de-titris...
OECD Economics Glossary English-French: Anglais-Françaishttps://books.google.fr › books
OECD · 2006
BASE bankrupcy risk syn. insolvency risk risque d'insolvabilité [GES, JUR] bankruptcy remote entity entité à l'abri de la faillite [de l'initiateur d'une ...
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Note added at 3 jours 45 minutes (2022-03-27 14:57:06 GMT)
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Je précise, à la suite du commentaire de Daryo, que je n'ai pas voulu ajouter que l'expression banruptcy remote vehicle est très courante en anglais, alors que sa proposition (« véhicule à l’abri de la faillite ») est quasiment inexistante en français. Faut-il préciser que la traduction, ça passe aussi par l'adaptation quand elle est nécessaire. Quant à son « véhicule protégé... », je n'en parle même pas.
Ceci pour répondre à son commentaire. Si je ne l'ai pas mentionné dans ma réponse, c'est parce que le règlement Kudoz interdit de commenter les réponses des autres participants hors de la zone de commentaire (cf. 3.4 ici : https://www.proz.com/?sp=siterules&mode=show&category=kudoz_... Et perso, j'évite désormais de commenter les réponses affichées lorsque j'en propose une.
Peer comment(s):
| neutral |
Daryo
: the ST uses "vehicle", not "entity" - not quite the same + did you miss that there was already in essence the same answer already posted? You CAN'T decide that "entity" can replace "vehicle" on the basis of "translating by statistics" wrong method
8 hrs
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[réponse effacée suite à la modification du message de Daryo]
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| disagree |
Francois Boye
: your definition of bankruptcy remote company is false. Please look at the definition in Wikipedia or investopedia.
9 hrs
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-1
2 days 15 hrs
véhicule protégé de la faillite / à l’abri de la faillite
... De plus, la proximité du véhicule de titrisation avec le cédant rend nécessaire une certaine prudence dans sa constitution75. En définitive, il est dit qu’il doit être bankruptcy remote (ou à l’abri de la faillite) et cette protection doit être construite de toutes pièces. ...
... 73. Les difficultés propres au droit français à établir une entité protégée de la faillite. ...
https://123dok.net/article/l-application-droits-communs-fail...
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Note added at 46 days (2022-05-09 19:46:29 GMT)
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une entité protégée de la faillite / à l’abri de la faillite
=>
il est question de la faillite de "la maison mère", de ceux qui ont créé le véhicule d'investissement.
Le véhicule (/ "The Foundation") n'est pas à l’abri d'autres sources possibles d’échec.
Peer comment(s):
| disagree |
Francois Boye
: The point is that a bankrupt SPV doesn't backfire on the group that created it// Americans created SPVs and the financial world we know today; so I trust US sources (Wikipedia and Investopedia). Samuel's document reflects British law.
9 hrs
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you could always read the very relevant reference found by Samuël Buysschaert - **as many times as necessary.**
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Discussion
The term "bankruptcy remote" as applied to an investment vehicle DOESN'T mean that this vehicle is protected from any and all causes of bankruptcy.
A "bankruptcy remote" vehicle is protected ONLY from the founders of the vehicle going bust - if "the parent company" goes belly up, the "bankruptcy remote" vehicle survives (/ is left out of the bankruptcy proceedings).
But it doesn't mean that the "bankruptcy remote" vehicle is protected from its own possible bankruptcy caused by its own stupid or fraudulent investment, as was the case of Enron's SPVs.
https://uk.practicallaw.thomsonreuters.com/8-386-1827
A bankruptcy-remote entity is typically prohibited from incurring debt or other obligations, and is limited in its purpose and the activities in which it may engage. Often, the entity's sole asset is the property securing a loan or debt obligation and its sole purpose is to own and manage such property. Other restrictions, such as independent-director requirements in the bankruptcy-remote entity's organizational documents, are often put in place to reduce the risk that the entity itself will voluntarily file for bankruptcy, be involuntarily forced into bankruptcy as a result of substantive consolidation with an affiliate's bankruptcy or otherwise be adversely affected by a bankruptcy of its parent or affiliates.
It's this "véhicule" that is "kept away" (/"protected") by "safety rules" from risks of OWN bankruptcy and from being dragged into the bankruptcy of those who created this "véhicule".
IOW it's the risk of bankruptcy of this vehicle that is made "remote".
But what would the translation is another matter ...
Bankruptcy Remote
https://uk.practicallaw.thomsonreuters.com/8-386-1827
Special purpose vehicle (SPV)
https://uk.practicallaw.thomsonreuters.com/Document/I9fb3cd9...