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discretionary collective investment vehicles
vasculopathy
May 24, 2005 11:13
19 yrs ago
1 viewer *
English term

bankrupt

English Other Other
If acompany lost a lot of money and cannot maintain normal operation. Then it was bought by another man and the former boss and former staff left the company. After that it has operated at a much smaller scale with the new boss and his new staffl but still maintaining its former name.

How to describe this process. Can we say the company went bankrupt? But it still exists. :-)

Thank you in advance!
Responses
3 +5 was taken over
4 +7 restructured
5 +5 no..bankruptcy is a legal process
4 +1 The company was not breaking even
4 +1 recovery efforts of a distressed business
4 bankrupt // bankrupt reorganization
4 sick, in the red
4 make-over
4 the company remains in existence but is hanging by a thread
3 Take over

Responses

+5
5 mins
Selected

was taken over

As you explain it, it is not clear whether the company actually went bankrupt or not. Bankruptcy is a legal procedure which the company would have to go through to avoid payment of its debts. But it could have sold out to someone else before reaching this stage, in which case I would say it was taken over.
Peer comment(s):
agree Mikhail Kropotov : It **may/would have gone** bankrupt if not for the takeover. In other words, it was simply sold!
4 mins
Thank you. Exactly. If it was just sold, that would be at its own initiative. Or it could have been a hostile takeover. As so often, the context is insufficient to be sure which term applies.
agree Balasubramaniam L. : Or it was simply "bought" by someone else who thought he could manage it better.
32 mins
Thank you.
agree Alp Berker
1 hr
Thank you.
agree jrb : yes, making it clear in the context that it was due to the company having struggled/made a loss
3 hrs
Thank you. As I said earlier, insufficient context.
agree Can Altinbay : Nothing in the description says anything about the company declaring bankruptcy. It was definitely taken over, or bought.
4 hrs
Thank you. Yes, there are several pssibilities but bankrupt is not really one of them, from the evidence of what context there is.
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4 KudoZ points awarded for this answer. Comment: "Thank you all for help!"
+5
2 mins

no..bankruptcy is a legal process

Can we say the company went bankrupt?..> no..bankruptcy is a legal process
Peer comment(s):
agree Loubna Benkirane
7 mins
thank you
agree Alp Berker
1 hr
thank you
agree RHELLER
3 hrs
thank you
agree Can Altinbay : Nothing in the description says anything about the company declaring bankruptcy.
4 hrs
thank you
agree conejo
9 hrs
thank you
Something went wrong...
1 min

bankrupt // bankrupt reorganization

Mike :)

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Note added at 3 mins (2005-05-24 11:17:24 GMT)
--------------------------------------------------

\"bankruptcy: 1. The statutory procedure, usually triggered by insolvency, by which a person is relieved of most debts and undetgoes a judicially supervised reorganization or liquidation for the brnfit of that person\'screditors; for various types of bankruptcy under federa law ...\" It is divided into different chapters.
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+1
8 mins

The company was not breaking even

Bankrupcy is court decision. Very legal. I prefer to use the Break even. A company is said to break even, when it can pay all salaries & costs. In this case the company is not breaking even.

Loubna.
Peer comment(s):
agree Can Altinbay
4 hrs
thank you :)
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+7
10 mins

restructured

is what I would say. If the company has retained the name, then it probably wasn't closed down. Old employees have been replaced with new, there is a new boss.
That looks like (heavy, throrough) restructuring to me.
Peer comment(s):
agree Angie Garbarino
16 mins
thanks
agree rangepost
24 mins
thanks
agree Balasubramaniam L. : Only that restructuring does not necessarily imply ownership change.
26 mins
well, let the lawyers argue that ;-). For me, the key piece of information is that the name hasn't changed, so its legal status prbably hasn't either.
agree Alp Berker
1 hr
thanks
agree Can Altinbay : Yes, the text says that the company restructured. See also my other notes.
4 hrs
thanks
agree Alfa Trans (X)
5 hrs
thanks
agree conejo
9 hrs
thanks to all.
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17 mins

Take over

Sounds like a take over, although as it is now on a smaller scale I am not certain. Definitely legal
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18 mins

sick, in the red

A company exhibiting symptoms like the one you have described would be termed a "sick" company.

Another term that you could use is, "it was in the red", meaning it was incurring losses.

It was bought over by someone who "down-sized" it, meaning reduced its staff-strength and scale of operations, and applying stringent "cost-cutting" methods and perhaps "professional" management inputs, "brought it around" or "effected a turn-around", or "reversed its fortunes" or "brought it back in the black".

No it did not go "bankrupt" or "insolvent" or "bust", which all have legal connotations.
Peer comment(s):
neutral RHELLER : sick? company
3 hrs
neutral jrb : some of these expressions aren't quite right
3 hrs
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+1
1 hr

recovery efforts of a distressed business

unless it is under court protection against creditors, it aint bankrupt (even if its business concept might be).
Peer comment(s):
agree Can Altinbay : Not a bad summary.
2 hrs
thanks
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3 hrs

make-over

as the company still exsists I would suggest the term: company make-over
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3 hrs

the company remains in existence but is hanging by a thread

this is a story and one word will not do

bankrupt has a specific meaning, as my colleagues have already mentioned

After losing a lot of money, the company was bought and all new staff was brought in/the staff was replaced. It continues to operate at a much smaller scale.
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