English for crisis management. Учебное пособие
.pdfobjective (n) - цель; predictable - предсказуемый; transparent - прозрачный; critical - решающий; confidence - доверие;
for the benefit of - на благо/в пользу к-л; in terms of - исходя из …;
availability - доступность/возможность; a means - средство;
treatment - обращение/обхождение; fraudulent bankruptcy - злостное банкротство; lender - кредитор, ссудодатель.
8.1.3 Check up the meaning of the following verbs:
- to enforce; |
- to increase; |
- to lend; |
- to defend; |
- to reduce; |
- to initiate; |
- to borrow; |
- to share. |
8.1.4 Translate the following word-groups into Russian:
a)bankruptcy statutes; fraudulent bankruptcy; to file a bankruptcy petition;
b)credit; bank credit; to obtain credit; creditor; secured/unsecured creditor;
c)debt; bad debt; pay off debts; to be out of debts; debtor; a poor debtor; creditordebtor relationship;
d)secure; secure investments; to secure a debt; secured/unsecured; security; government securities.
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8.1.5 Guess the meaning of the following derivatives. Pay attention to the parts of speech they belong to:
a)to recover – выздоравливать, оправиться от чего-либо; recovering; recovered; recovery;
b)to solve – решать, разрешать;
solution; solvency/insolvency; solvent/ insolvent; c) to invest – инвестировать;
investor; investment; investing; invested; d) to protect - защищать;
protector; protection; protectionism; protected.
8.1.6 Substitute Russian word groups in each sentence for the English ones used in the text
1 Bankruptcy is a legally declared inability of an individual or organization (заплатить их кредиторам).
2 (Все имущество) must be shown in bankruptcy schedules … .
3 The first general objective is (распределение рисков неплатежеспособности среди участников рыночной экономики) in a predictable, equal and transparent manner.
4 As long as you know where you are, the next step comes (к проекту программы по оздоровлению).
8.1.7 Translate the following sentences into Russian introducing the Infinitive with the words “для того, чтобы”
Model: Creditors may file a bankruptcy petition against a debtor to initiate a restructuring.
Кредиторы могут подать ходатайство по случаю банкротства дебитора для того, чтобы инициировать реструктуризацию.
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-An insolvency law also serves to allocate risk among different creditors and to benefit borrowers.
-You will offered the full range of services to preserve your best interests and minimize losses.
-Bankruptcy is initiated against the debtor to receive a portion of what he owns.
-The status quo should be carefully analyzed to be properly understood.
8.1.8 Text A. The Bankruptcy and Fraud Concepts
Bankruptcy is a legally declared inability of an individual or organization to pay its creditors. Creditors may file a bankruptcy petition against a debtor in order to receive a portion of what they are owed or initiate a restructuring. In the majority of cases, however, bankruptcy is initiated by the debtor – the bankrupt individual or organization.
Bankruptcy fraud is a crime. Common criminal acts under bankruptcy statutes typically involve concealment of assets, concealment or destruction of documents, conflicts of interests and fraudulent claims or declarations. Multiple filings are not criminal, but they may violate conditions of bankruptcy law.
All assets must be shown in bankruptcy schedules whether or not the debtor believes the assets have a net value. This is because once a bankruptcy petition is filed, the creditors, not the debtors decide whether a particular asset has value. The future consequences of leaving assets out of schedules can be quite serious for the debtor. For instance a closed bankruptcy may be reopened.
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8.2 Assignments
8.2.1 Memory test. Try to recall in Russian in which context the following word groups are used:
-legally declared inability;
-to file a bankruptcy petition;
-to initiate a restructuring;
-future consequences;
-bankruptcy statutes;
-to have a net value.
8.2.2 Match the words and their explanations (one item has been done for you):
1) crime; |
a) the property of a person or a company; |
2) law; |
b) a list of things to be done; |
3) petition; |
c) an action which is punishable by law; |
4) to violate; |
d) to break a promise or agreement; |
5) schedule; |
e) rule made by authority for regulation of society; |
6) fraud; |
f) dishonest behavior in order to gain money; |
7) assets. |
g) formal application made to a court of law. |
8.3 Text B. General Objectives of Insolvency Procedures
8.3.1 Translate the text into Russian in written form using the dictionary
Although the insolvency laws of countries differ in important respects, it is possible to identify two general objectives that are shared by most systems. The first general objective is the allocation of insolvency risks among participants in a market economy in a
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predictable, equal and transparent manner. The achievement of this objective plays a critical role in providing confidence growth for the benefit of all participants. For example, in terms of the creditor-debtor relationship, the ability of a creditor to commence insolvency procedures against a debtor as a means of enforcing its claim reduces the risk of lending and increases the availability of credit and the making of investment more generally. An insolvency law also serves to allocate risk among different creditors and to benefit borrowers. Thus, if the insolvency law allows secured creditors special treatment compared to unsecured creditors such treatment protect the value of security, which may be particularly important for those debtors that, because of their credit risk, cannot obtain unsecured credit.
Notes:
-secured credit – кредит, выданный под залоговое обеспечение долга;
-unsecured credit – кредит, выданный без залогового обеспечения долга;
доверительный кредит;
-secured creditor - обеспеченный кредитор, имеющий залоговое обеспечение в виде активов заемщика (в случае банкротства заемщика такой кредитор имеет преимущества перед другими кредиторами);
-unsecured creditor – кредитор компании, не имеющий залогового обеспечения долга (требования таких кредиторов в случае ликвидации компании удовлетворяются после требований кредиторов, предоставивших кредиты под определенное обеспечение).
8.4 Assignments
8.4.1 Match English and Russian equivalents
1) to differ in important respects; |
a) играть решающую роль; |
2) market economy; |
b) достижение цели; |
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3) to identify objectives; |
c) начать процедуру банкротства; |
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4) achievement of the objective; |
d) важность гарантии; |
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5) to play a critical role; |
e) определить цели; |
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6) to provide confidence growth; |
f) |
получить |
необеспеченный |
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залогом кредит; |
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7) creditor-debtor relationships; |
g) отношения кредитора-дебитора; |
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8) to commence insolvency |
h) принести выгоду заёмщикам; |
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procedure; |
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9) to benefit borrowers; |
i) рыночная экономика; |
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10) to obtain unsecured credit; |
j) обеспечить рост доверия; |
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11) the value of security. |
k) |
отличаться |
в |
важных |
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отношениях. |
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8.4.2 Complete the sentences according to the text
-An insolvency law also serves… and to benefit borrowers.
-… is the allocation of insolvency risks among participants in a market economy
….in … manner.
-Although the insolvency laws of countries differ in important respects, … .
8.4.3 Find the answer to the question
- What are the two general objectives of insolvency laws? 8.4.4 Compose three disjunctive questions to the text
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8.5 Text C. Crisis Management and Business Recovery
8.5.1 Read the text and find the information about the main idea of the CM role in Business Recovery
The business like people is sometimes in poor health. It could be a real test for management shareholders, creditors, lenders, borrowers and other stakeholders of such a business. It is believed the time has come to listen to each other, to think and take the best decisions for all the parties interested in the business. First of all, the status quo should be carefully analyzed and understood by all the parties. Then the future expectations are to be reconciled. As long as you know where you are, the next step comes to the recovery program design. Whatever the reason for a crisis – a drastic drop in sales, cash flow shortage, wrong investment policy or internal management conflict - it is very important for the stakeholders to handle it as one team.
When your business is in trouble it is time to go to those whom you trust. A range of investigative procedures and rescue solutions are to be developed. The parties will be assisted in better understanding the financial and marketing position of the business, the reasons of its poor performance and key business risks associated with its recovery program. In case of a conflict between management and shareholders the latter are guaranteed full support and the best negotiation tactics directed to defend their investments. If the crisis or conflict is so deep that insolvency looks like the only outcome, the parties will be offered the full range of services to preserve their best interests and minimize losses.
Notes:
the latter - последний (из двух названных; противоп. - the former).
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8.6 Assignments
8.6.1 Find English equivalents for the following Russian word-groups given below:
1)проект программы по оздоровлению;
2)принять самые подходящие решения;
3)нехватка денежных потоков;
4)слабая эффективность;
5)единственный результат;
6)ряд процедур расследования;
7)решения по спасению бизнеса;
8)помочь лучшему пониманию;
9)полный спектр услуг;
10)резкое.
8.6.2 Find Russian equivalents for the following English word-groups given below:
1)cash flow shortage;
2)rescue solutions;
3)drastic drop in sales;
4)the only outcome;
5)a range of investigative procedures;
6)poor performance;
7)to take the best decisions;
8)recovery program design;
9)the full range of services;
10)to assist in better understanding.
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8.6.3 Find the sentences in the text which are close in meaning to the following
statements
- The business resembles human beings in that it is in bad condition from time to
time.
-To begin with, the present situation must be properly examined and understood by the interested groups of people.
-When the business is in difficulty it is the moment for you to apply to the people/specialists you have confidence in.
8.6.4 Ask your fellow-student the appropriate questions to produce answers:
-the recovery program;
-the best decisions for all the parties interested;
-in case of a conflict;
-to minimize losses;
-the time has come.
8.6.5 Translate the following sentences into Russian paying attention to the different meanings of the nouns “shareholder” and “stakeholder”
- Due to the losses the bank has made almost all of its stakeholders will suffer – some staff will lose their jobs, customers will have higher charges and shareholders will see the price of their shares fall.
8.6.6 Compose five types of questions (general, alternative, special, disjunctive and a question to the subject) to the following sentence
- As long as you know where you are, the next step comes to the recovery program design.
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8.6.7 Speak on the main points of the CM role in business recovery
9 Supplementary texts
9.1 Text 1. Incident or crisis? Why the debate?
Some researchers have replaced the term 'crisis management' with 'incident management'. However this is a mistake.
Anyone reading the new British Standard for Business Continuity Management, will see nothing about 'crisis management', but will see a few pages about 'incident management' instead. So what? Perhaps you think it matters not what we should call the crucial and rapid intervention point at the acute phase of crisis? However, it has become very clear since publication of the new standard that many people do feel there is something awry here. Surely the word 'crisis' is more precise and accurate? On the other hand, the noun 'incident' might be less troublesome to digest for the stakeholders of an organization affected by a disaster or other risk event. As someone who was part of the small team assembling that draft section of the new standard the author knows full well that the latter was the winning argument.
Team members simply do not agree that the sudden impact of a disaster hitting any organization can accurately be massaged into nothing more than just an incident. Why?
Crisis (management) is a precise, honest and eponymous noun. It does not mean out of control, any more than having a sudden puncture of a car tyre whilst driving on the road means automatically losing control. In such a case you have a crisis that jeopardizes your task (i.e. driving in a straight line) and which needs immediate action (i.e. to control the vehicle, stop it hitting anyone else and steer it to the side of the road). From then on it's recovery. You can draw some parallels with a possible business disruption? To quote the Concise Oxford English Dictionary a crisis is ‘a time of intense difficulty or danger’. It's short-lived and requires special skills to respond. On the other hand, incident is defined as 'an event or occurrence' and therefore can mean just about anything over an infinite period
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