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To file for Chapter 11

Fresh funds



A new loans

B assets of a company less its liabilities

C difficult

D statutory framework

E to declare bankruptcy

p n93: ion on n9

Look at these counter-arguments to the standpoint presented in the article and

Decide whether you agree or disagree with them.

e 'In my opinion, court restructuring of an insolvent business can result in

Negative publicity. This could have a bad effect on the business by reducing

consumer confidence:

e 'As I see it, out-of-court restructuring is faster and cheaper, as it involves

less paperwork (official forms, schedules and procedures). I'm convinced

That the time and effort spent on court restructuring can be better spent on

rescuing the business:

Unit 14

To improve your web-based research skills, visit www.cambridge.orgjeltjlegalenglish.click on

Research Tasks and choose Task 14.

Unit14 Debtor-creditor



:1. Vocabulary: distinguisl)ing meaning Whichwordin each group is the odd one

out? Youmay need to consult a dictionaryto distingUishthe differences in






Priority favoured status

Possession of relinquish

Urgent onerous difficult

Legal regime judicial revieW statutory framework

2 Word formation Complete this tablebyfillinginthe abstract 1')0unformof each

Of the verbs. Underlinethe stressed syllable in each word with more than one


Vocabulary:classes of creditors Complete this text about classes of creditors

By choosing the correct verb in each case.

In every bankruptcy, there are generally three classes creditors. These

1) contain /(jj:clujj / consist secured or lien creditors, priority creditors, and

Unsecured or general creditors. Generally, if a secured creditor has

2) perfected / improved / submitted its lien prior to the bankruptcy filing,

secured creditor must be 3) entitled / paid / owed order for the debtor to

Keep his or her property after the bankruptcy is discharged. A secured creditor

Has security for its debt, which can be personal or real property that was

4) borrowed / pledged / attached by the debtor to secure the debt. Priority

Creditors have a priority for the repayment of their debt before the unsecured

Creditors are paid. Income taxes, wages, child support and administrative

expenses 5) collected / suspended / incurred in the bankruptcy are usually

Classified as priority creditors. Unsecured creditors are creditors who do not

Have any security. Some examples of unsecured debts are credit-card bills,

Medical bills and personal loans.

Verb i Abstract noun

Seize suzure






Asking ql.lestions in al1int~rvieW DeGide wlJiclJsentence beginning (A or B)

Can be used to form questions that an applicantmigbt ask a job interview.

In some cases, botlJ sentence beginnings can be used to form a question.

A Can you tell me sometbing about ,..

B What is ...

1. "'. what you are looking for Tnan associate?

2 ... tlJe atmosphere in tbefirm.. like?

3 ... th.e management structL)re oftlJe firm?

4 ... how attorneys are trained your firm?

5 ... your most important clients?

6 ... tbe firm's attitude toward pro bono Workand communityservice?

7 ... a typical caseload of an associate like?

8 ... how assoGiatesare rotated tlJrough tlJe departments of tlJe firm?

9 ... your area of expertise?

Vocabulary: types of trustees Reading 3 mentions several different trustee

Date: 2015-12-11; view: 1119

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Not have an equivalent to the US practice of | Roles that can be carried out by an insolvency practitioner. Atrustee can be
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