Vocabulary building When a company fails

Technical words To be / go insolvent (= to be unable to pay debts) – збанкрутувати; стати неплатоспроможним; to liquidate / wind up a company (= to sell its assets, pay its debts, etc.) – ліквідувати компанію; a company is put / goes into liquidation – ліквідується; Neutral words to be / go bankrupt – збанкрутувати; припинити платежі; to go out of business – припинити свою діяльність; збанкрутувати; Informal / idiomatic words to go broke – збанкрутувати; розоритися; to go under – зазнати банкрутства; збанкрутувати; розоритися; to go bust – розоритися, прогоріти; “вилетіти в трубу”; to go belly up – збанкрутувати; “випустити дух”; to go to the wall – збанкрутувати, розоритися, прогоріти; “вилетіти в трубу”; зазнати невдачі, фіаско, провалитися; бути змушеним поступитися місцем, зійти зі сцени.

b) Think and answer.

1. Do many companies go out of business these days?

2. Why do many businesses go to the wall?

3. Who has the right to wind up a company?

4. Can banks as “great money machines” go insolvent?

5. What can make a bank go bust?

6. Who undertakes the debts of a bank that goes belly up?

7. Who secures the rights of depositors of banks which go into liquidation?

8. Can the Central Bank go broke?

9. Are families likely to go under because of money mismanagement?

10. Can a country go bankrupt?

Task 13. a) The words below frequently occur after “BANK”.

card clerk debt BANK deposit charge account balance transfer

b) Which of the above word combinations means:

1. A person who works in a bank, receiving and paying out money, helping customers, keeping records of accounts;

2. the sending of money from one account in one bank to an account in any branch of the same bank or another;

3. an arrangement with a bank that allows you to keep your money there and to pay money in and take money out;

4. a small plastic card that you use for making payments or for getting money from the bank;

5. the amount that a customer pays their bank for the service it provides;

6. money that a company, an organization, etc. owes to a bank;

7. the amount of money that you have in your bank account;

8. an amount of money that you leave (deposit) in a bank?

Task 14. Translate into Ukrainian paying attention to the words in italics.

1. You can open a bank account with as little as €100. 2. Do we have enough funds in our bank account? 3. We’ll pay the money directly into your bank account. 4. They’re encouraging children to open bank accounts. 5. There are no bank charges if your account stays in credit. 6. Banks sometimes do not incur bank charges. 7. The airline is aiming to pay off its $100 million bank debt within six months. 8. Bank deposits rose to €135 billion. 9. When the bank clerk showed up in an expensive new car, tongues wagged. 10. Bank cards greatly facilitate payments. 11. He spends without regard to his bank balance. 12. You should allow five to seven working days for a bank transfer to be made. 13. Payment may be made by bank transfer to the following account. 14. We accept cheques supported by a bank card for payments over £50. 15. My bank balance is always low at the end of the month.

Task 15. a) Read and translate the passage.