1. TASK: Insert the appropriate word in the text below:
accordance - broadly - entity - fraudulent - imposed
individual - insolvent - owe - proceeding - repay
Bankruptcy is a legal status of a person or other ____________ that cannot ____________ the debts it ____________ to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Bankruptcy is not the only legal status that an ____________ person may have, and the term bankruptcy is therefore not a synonym for insolvency. In some countries, including the United Kingdom, bankruptcy is limited to ____________, and other forms of insolvency ____________ (such as liquidation and administration) are applied to companies. In the United States, bankruptcy is applied more ____________ to formal insolvency proceedings. In France, the cognate French word banqueroute is used solely for cases of ____________ bankruptcy, whereas the term faillite (cognate of "failure") is used for bankruptcy in accordance with the law.
2. CHECK YOUR SPEAKING
|
accordance |
[əʹkɔ:d(ə)ns] |
відповідність |
|
broadly |
[ʹbrɔ:dlı] |
в широкому сенсі |
|
entity |
[ʹentıtı] |
підприємство |
|
fraudulent |
[ʹfrɔ:djʋlənt] |
шахрайський |
|
imposed |
[ınıʹpəʋz] |
накладати(ся) |
|
individual |
[͵ındıʹvıdʒʋəl] |
фізособа |
|
insolvent |
[ınʹsɒlvənt] |
неплатоспроможний |
|
owe |
[əʋ] |
заборгувати |
|
proceeding |
[prəʹsi:dıŋ] |
процедура |
|
repay |
[rıʹpeı] |
погашати |
3. SEE CORRECT ANSWER
Bankruptcy is a legal status of a person or other entity that cannot repay the debts it owes to creditors. In most jurisdictions, bankruptcy is imposed by a court order, often initiated by the debtor.
Bankruptcy is not the only legal status that an insolvent person may have, and the term bankruptcy is therefore not a synonym for insolvency. In some countries, including the United Kingdom, bankruptcy is limited to individuals, and other forms of insolvency proceedings (such as liquidation and administration) are applied to companies. In the United States, bankruptcy is applied more broadly to formal insolvency proceedings. In France, the cognate French word banqueroute is used solely for cases of fraudulent bankruptcy, whereas the term faillite (cognate of "failure") is used for bankruptcy in accordance with the law.
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