Dec 21, 2017 22:16
6 yrs ago
14 viewers *
English term
Netherlands
Certified translator (English-Dutch) |
Native in: Dutch (Variant: Netherlands) 
Works in: English to Dutch, Dutch to English
prove in competition with the company
English to Dutch
Law/Patents
Law: Contract(s)
deed of guarantee
Guarantor shall not prove in competition with the COMPANY in respect of any payment by the GUARANTOR under this GUARANTEE or otherwise be entitled in competition with the COMPANY to claim or have the benefit of any set-off, counterclaim or proof against or dividend, composition or payment by the CONTRACTOR or of any security which the COMPANY holds or may hold for any money or liabilities due or incurred by the CONTRACTOR to the COMPANY.
I have particular problems with "prove in competition with" and "be entitled in competition with" and "proof against or dividend".
This is a clause in a deed of guarantee.
Many thanks in advance.
I have particular problems with "prove in competition with" and "be entitled in competition with" and "proof against or dividend".
This is a clause in a deed of guarantee.
Many thanks in advance.
References
| meaning of prove |
sindy cremer
|
| Refs |
Kitty Brussaard
|
Reference comments
17 hrs
sindy cremer
Native in Dutch
Specializes in field
You have my word on it
Native in: Dutch
Works in: English to Dutch, Dutch, Flemish to Dutch
Related KudoZ points
:
36
Reference:
meaning of prove
https://www.insolvencydirect.bis.gov.uk/technicalmanual/Ch13...
"16.62 Meaning of prove
Where a company is being wound up by the court, or a bankruptcy order has been made, a person claiming to be a creditor and wishing to be repaid all or part of their debt must, subject to any order of the court [Note 1] [Note 2], submit his/her claim in writing to the liquidator, official receiver where acting as receiver and manager, or to the trustee [Note 3] [Note 4].
A person who lodges a claim is referred to as ‘proving’ for his/her debt and the document by which he/she seeks to establish his/her claim is his/her ‘proof’ [Note 5] [Note 6]."
https://uk.practicallaw.thomsonreuters.com/8-500-3971?transi...
"Proving is the process by which a creditor seeks to establish its claim against the insolvent estate. A proof of debt is the document on which a creditor submits details of its claim. See also the definition of "prove" and "proof" in rule 1.2 of the Insolvency (England and Wales) Rules 2016 (SI 2016/1024) (IR 2016).
A proof of debt may be submitted for two purposes: (i) to enable the creditor to vote on matters relating to the insolvency process; and (ii) to entitle the creditor to receive a dividend distribution from the insolvent estate.
The requirements for proving in an administration, winding up and bankruptcy (for distribution purposes) are now set out (in a communal section) in Part 14 of the IR 2016. For the contents of a proof, see rule 14.4, IR 2016."
"16.62 Meaning of prove
Where a company is being wound up by the court, or a bankruptcy order has been made, a person claiming to be a creditor and wishing to be repaid all or part of their debt must, subject to any order of the court [Note 1] [Note 2], submit his/her claim in writing to the liquidator, official receiver where acting as receiver and manager, or to the trustee [Note 3] [Note 4].
A person who lodges a claim is referred to as ‘proving’ for his/her debt and the document by which he/she seeks to establish his/her claim is his/her ‘proof’ [Note 5] [Note 6]."
https://uk.practicallaw.thomsonreuters.com/8-500-3971?transi...
"Proving is the process by which a creditor seeks to establish its claim against the insolvent estate. A proof of debt is the document on which a creditor submits details of its claim. See also the definition of "prove" and "proof" in rule 1.2 of the Insolvency (England and Wales) Rules 2016 (SI 2016/1024) (IR 2016).
A proof of debt may be submitted for two purposes: (i) to enable the creditor to vote on matters relating to the insolvency process; and (ii) to entitle the creditor to receive a dividend distribution from the insolvent estate.
The requirements for proving in an administration, winding up and bankruptcy (for distribution purposes) are now set out (in a communal section) in Part 14 of the IR 2016. For the contents of a proof, see rule 14.4, IR 2016."
Peer comments on this reference comment:
| agree |
Barend van Zadelhoff
: Op basis van uiterlijke overeenkomst denk ik dat het om deze betekenis gaat. / ...not prove in competition with...to claim...
1 day 3 hrs
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| agree |
Kitty Brussaard
: Goed punt! Zie bijv. ook http://www.eralegal.com.au/2013/09/06/creditor-owed-money-re...
1 day 4 hrs
|
1 day 22 hrs
Kitty Brussaard
Netherlands
Netherlands
Native in Dutch
Specializes in field
Netherlands
Business Language Solutions
Native in: Dutch (Variant: Netherlands)
Works in: English to Dutch, Dutch to English, Dutch
Related KudoZ points
:
161
Reference:
Refs
Naar aanleiding van Sindy's opmerking/verwijzingen, zie bijvoorbeeld ook:
It is very common for commercial documents to contain provisions which limit the right of creditors to lodge proofs of debt in circumstances where doing so would compete with the rights of another creditor.
One of the most common examples is found in guarantees. It is often, if not invariably, the case that a bank providing credit to a Small-Medium Enterprise (“SME”) will require the director(s) of the corporate SME to give a personal guarantee of its obligations to the bank. Commonly the landlord of premises rented by the company will also require such a guarantee as indeed may suppliers and other creditors of the company. It is common for such guarantees to contain clauses which say that the guarantor may not (amongst other things) prove in competition with the bank, lessor or supplier (as the case may be).
http://www.eralegal.com.au/2013/09/06/creditor-owed-money-re...
https://worrells.net.au/newsletter-articles/guarantees-and-r...
It is very common for commercial documents to contain provisions which limit the right of creditors to lodge proofs of debt in circumstances where doing so would compete with the rights of another creditor.
One of the most common examples is found in guarantees. It is often, if not invariably, the case that a bank providing credit to a Small-Medium Enterprise (“SME”) will require the director(s) of the corporate SME to give a personal guarantee of its obligations to the bank. Commonly the landlord of premises rented by the company will also require such a guarantee as indeed may suppliers and other creditors of the company. It is common for such guarantees to contain clauses which say that the guarantor may not (amongst other things) prove in competition with the bank, lessor or supplier (as the case may be).
http://www.eralegal.com.au/2013/09/06/creditor-owed-money-re...
https://worrells.net.au/newsletter-articles/guarantees-and-r...
Discussion
http://contracts.onecle.com/climachem/ke-lease.shtml
https://www.sec.gov/Archives/edgar/data/1541354/000101968713...
If an Insolvency Event occurs with respect to the Counterparty, the Guarantor shall not prove in the bankruptcy or liquidation in competition with the Beneficiary in respect of any money paid by the Guarantor under this Guarantee or in respect of any other amount applied by the Beneficiary in reduction of the Guarantor’s liability under this Guarantee or otherwise until the Beneficiary has received satisfaction of the whole of the Guaranteed Amounts.
https://www.sec.gov/Archives/edgar/data/1092289/000156459015...