Домашнее чтение Хрестоматия для студентов-бакалавров направления Лингвистика

МИНИСТЕРСТВО ТРАНСПОРТА РОССИЙСКОЙ ФЕДЕРАЦИИ

ФЕДЕРАЛЬНОЕ ГОСУДАРСТВЕННОЕ АВТОНОМНОЕ ОБРАЗОВАТЕЛЬНОЕ УЧРЕЖДЕНИЕ

ВЫСШЕГО ОБРАЗОВАНИЯ

«РОССИЙСКИЙ УНИВЕРСИТЕТ ТРАНСПОРТА»

Институт экономики и финансов Кафедра «Лингвистика»

С.В. Юрова

Домашнее чтение

Хрестоматия

МОСКВА - 2020

МИНИСТЕРСТВО ТРАНСПОРТА РОССИЙСКОЙ ФЕДЕРАЦИИ

ФЕДЕРАЛЬНОЕ ГОСУДАРСТВЕННОЕ АВТОНОМНОЕ ОБРАЗОВАТЕЛЬНОЕ УЧРЕЖДЕНИЕ

ВЫСШЕГО ОБРАЗОВАНИЯ

«РОССИЙСКИЙ УНИВЕРСИТЕТ ТРАНСПОРТА»

Институт экономики и финансов Кафедра «Лингвистика»

С.В. Юрова

Домашнее чтение

Хрестоматия для студентов-бакалавров

направления «Лингвистика»

МОСКВА - 2020

Preface.

The following collection of carefully selected and abridged texts is meant for students of linguistics intending to specialize in legal translation. The handbook provides a solid body of legal terminology dealing with bankruptcy and gives an outline of bankruptcy legal provisions in English-speaking countries.

Text 1

The Brunner test

1) Study the following words and expressions.

1.not dischargeable debtsнесписываемые долги

2.To show undue hardship – показать чрезмерные трудности

3.to maintain a minimum standard of living – сохранять минимальный уровень жизни

4.dependents – иждивенцы

5.to make good-faith efforts – прилагать добросовестные усилия

6.to qualify for a hardship discharge – соответствовать условиям для списания долгов из-за тяжелого положения

7.Partial discharge of student loan debt – частичное списание займа на обучение

8.a severe illness – тяжелое заболевание

9.court rulling in favour of еhe debtor – решение суда в пользу должника

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10.loan burden – долговая нагрузка

11.fixed expenses – ежемесячные обязательные расходы

12.utilities – коммунальные платежи

13.groceries – расходы на питание

14.To cut the unnecessary expenses – сократить необязательные расходы

15.to outlast the life of the loan – превысить срок выплаты кредита

16.to adjust interest rate – изменить процентную ставку по кредиту

17.To ease the burden – облегчить бремя

2) Read the text.

The Brunner test is named for the first case in which it was used (Brunner against New York Higher Educational Services Corporation).

Under the US bankruptcy law student loan debt is not dischargeable in bankruptcy unless the debtor manages to show undue hardship.

Most courts rely on the three-part Brunner test to evaluate whether a debtor can demonstrate undue hardship sufficient to discharge his student loans.

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The debtor must satisfy all the three requirements to have his student loan discharged.

The first requirement is that the debtor can not maintain , based on his current income and expenses, a minimum standard of living for himself and his dependents if he is forced to pay off students loans.

The second requirement is that there are some circumstances which indicate that this state of affars is likely to persist for a long period of time.

The third requirement is that the debtor has made good-faith efforts to repay the loans.

As a rule, courts interpret the Brunner test strictly, in each case the bankruptcy judge will review the debtor`s financial situation, including his monthly income, whether he is employed or self-employed, his fixed expenses such as rent and car payments, utilities and groceries. Non-essential luxuries such as cable TV and fitness membership will be disapproved of.

The judge wants to see that the debtor is doing his best to cut the unnecessary expenses and maintain a minimum standard of living.

Whether the debtor`s inability to make the monthly payment is based on some kind of disability or additional circumstances, the court will consider discharging student loan only is the situation is expected to outlast the life of the loan.

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However, in some cases the court might decide on a partial discharge.

In some cases it might refuse to discharge any of the debt but adjust the interest rate to ease the burden.

To show that the debtor has tried in good faith to repay the loan, the debtor may need to show that:

-He has applied for income-based loan repayment plans

-He was duly making monthly payments at some point

-The student loan is a significant portion of his overall debt

Conclusion

Although it is difficult to discharge student loans, there are lawful mechanisms to discharge or reorganize them.

3) Retell the text.

Text 2

The most famous cases of bankruptcy

1)Study the following words and expressions.

1.To contemplate bankruptcy – рассматривать банкротство как вариант

2.To give smb a second chance – дать кому-либо второй шанс

3.A struggling entrepreneur – предприниматель, дела которого идут плохо

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4.To be left penniless – остаться без средств к существованию

5.To pull out – забрать свои инвестиции, выйти из дела

6.To get a fresh start – начать все с нуля

7.A retail chain - розничная торговая сеть

8.To get smth right – сделать все как надо

9.A condiment business – бизнес по продаже приправ

10.To introduce a new product to the market – выводить новый продукт на рынок

11.Bumper harvest – рекордный урожай

12.To meet one`s payroll obligations – выполнять обязательства по выплате заработной платы

13.Bankruptcy protection – защита от кредиторов

14.To set up a company – основывать компанию

15.Unpaid bills – неоплаченные счета

16.When the lease expired – когда закончился срок аренды

17.The Hiltons – семья Хилтонов

2) Read the text.

Most people contemplating bankruptcy consider it as a

«failure», however, there are lots of examples when business ideas could get a fresh start after this embarrassing procedure.

So bankruptcy in the USA is considered as a chance to get back on your feet provided by the State.

It`s in the best interest of the State to give people a second chance so that they could move on with their lives.

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You might be surprised to find out that these famous American companies where set up after their owners had filed for bankruptcy.

-The Walt Disney Company, Disneyland, Walt Disney World.

-WalMart

-Hilton Hotels

-Hershey`s Chocolates

-Macy`s Department Stores

-Heinz

Here are their stories of a second chance they got.

Walt Disney.

Walt Disney was a struggling entrepreneur when he started his first company called Laugh-O-Gram Corporation in 1921 with USD 15.000 (which is about USD 180.000 now) from an investor. Quite of a sudden his investor pulled out and left him with unpaid bills.

In 1923 Walt Disney filed for bankruptcy and as soon as in October of the same year he and his brother Roy started a new company called Disney Brothers Cartoon Studio.

Sam Walton (the founder of WalMart).

Sam Walton started his career running another famous store-

Ben Franklin. This didn`t work out too well for him there. When his lease expired the building`s owner took over his store and left him penniless. Mr.Walton filed for bankruptcy, got a fresh start and went on to build not just the largest retail chain but

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the largest employer in the world with almost 2 million employees.

Conrad Hilton (Hilton Hotels).

During the Great Depression Conrad couldn`t pay his bills and so the banks took every single hotel from him and left him with nothing. He filed for bankruptcy, got back on his feet and managed to buy back all his properties and add much more. Things turned out pretty well for the Hiltons.

Milton Hershey (Hershey`s).

Milton Hershey was always interested in candy business. It took him quite a while to figure out how to be successful at it. He started 4 candy companies but they all failed.

After he filed for bankruptcy he finally got it right with Hershey`s Food Corporation. Now its sales reach USD 5 billion a year.

Roland Hussey Macy (Macy`s).

Roland Hussey tried selling provisions to miners, ribbons and even had his own store – none of which worked out. He filed for bankruptcy in 1855 and three years later opened the store RH Macy &Co in New York City. Now this flagman Macy`s store is the largest department store in the world.

Henry John Heinz (Heinz Foods).

Henry John Heinz ran a successful condiment business until an unexpected bumper harvest hit the company. Heinz couldn`t meet his payroll obligations and was forced to file for bankruptcy in 1875.

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