Roles that can be carried out by an insolvency practitioner. Atrustee can be

defined as a person who controls property and/or money for the benefit of

Another person or an orgahisation.lnsolvencypractitioners can serve in various

Trustee roles, Complete tlJe explanations of types oftrustees below Using the

Words in the box.

A trustee .il1bal1kruptcy is a trustee by a court to handle the

affairs of a bankrupt party. The property of the bankrupt party." , in

TlJis trustee,

A trustee in seqUestration refers to tlJe role of trUstee in tbe case of a

sequestration. SeqUestration is wlJen a debtor's property is taken, either

Voluntarily or involuntarily (by into tlJe possession of a third

Party, i.e. the trustee, until the court determines the of that

Property.

A trustee under a deed of arrangement refers to the role played by a trustee

Under a contract made between an entity and its creditors. Under

This agreement. as muclJ of the debt as possible is paid, and the creditors

consent to '''''''''''''''''''','''' their daim.s to payment in full. The property of the

Bankrupt party may be transferred to a trustee dUring tbis process.

4 A trusteel,ll1der. a trust deed is a role playedi[l a transaction in which real

Property is , ,.. as collateral for a loan. ThE)borrower transfers the

legal title for tbe property to the trustee,who 1J0le1sthe Property in..................

As securityfor the payment of tlJe debt. Iphe borrower defaults Tn the

Payment, the trustee m.ay sell the property.

~

Competitionlaw

On p on

The following text gives a brief overview of competition law and the terminology

Connected with it. This area of law has grown increasingly complex as markets have

Become more global and international mergers and takeovers more common.

Read the text and match the words in the box with their definitions (1-4).

I cartel

A market situation in which a small number of firms compete with each

Other

An organisation or group that has complete control of an area of business

So that others have no share

A group of similar independent companies who agree to join together to

Control prices and limit competition

The joining together of two or more companies

Merger monopoly oligopoly

US) antitrust law

2 (US) An American antitrust lawyer would describe such behaviour as 'restraint of trade' (from one of the governing acts (the

Sherman Act))

This is the term used in Article 81 of the EC Treaty. In the US, any number of terms could be used here, including business,

Firm or enterprise.

:v

The United

US) abuse of monopoly power

S p

Match these terms (1-4) with the examples of anti-competitive activity they

Describe (a-d).

Barriers to entry a A manufacturer of computer components requires that consumers

Purchase other equipment made by the firm in order to keep the

Warranty valid.

B The major petroleum corporations in a country all agree to raise

The prices of petrol and petroleum products.

C A company interested in entering the telecommunications market

In a particular country has to deal with restrictive government

Licensing practices and complex bureaucratic procedures which

Date: 2015-12-11; view: 985