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Speech and Discussion
Ex.1. Discuss with your groupmates the importance of the financial statements:
s what information you could learn from studying a firms balance sheet;
s what information an income statement gives you;
s what cash flow statement shows.
Ex.2. The Profit and Loss Account and Balance Sheet are two important documents used in preparing financial statements. Which of the following is a definition of a Profit and Loss Account? Which defines a Balance Sheet?
s Statement showing income and expenses resulting from trading over a period of time
s Statement of financial position at a specific point in time
Ex.3. You are to report on the financial performance of the company. What information will you use? Why?
Ex.4. Familiarize yourself with the following idioms. Consult your dictionary and translate the sentences into Ukrainian. Think of situations where you could use them.
1. The president assembled a blue ribbon panel of experts to study the problem.
2. The businessmen were given the red-carpet treatment by the small town. The small town wanted to impress them in the hopes that they would decide it was a good place to build a factory.
3. You can stop hinting that you dont want my company. I got the message. I wont bother you again.
4. Jan invested all her money in the playwrights new play. She was taking a real chance. She was going for broke. If it were a success, she would be rich. If it were a flop, she would be penniless.
5. The fast food restaurants new chicken sandwich went over with a bang. Everyone was asking for it.
Ex.5. Comment on the following:
One can accumulate enough wealth to buy a golden bed, but one cannot buy sound sleep with money.
(Danial Arap Moi)
Lesson 6
Text: Bankruptcy
Grammar: Modal Verbs (Ability. Permission)
Terms to remember:
| bankruptcy | ™ | |
| be in a state of insolvency/ be insolvent | ™ | |
| creditor | ™ | |
| bankrupt | ™ | |
| go bankrupt/ go bust (v) | ™ | |
| rescue (v) | ™ | |
| go into liquidation/into receivership (v) | ™ | |
| receiver / administrator/ liquidator | ™ | ; , - |
| pay off the debts (v) | ™ | |
| failing company | ™ | ; , ; |
| voluntary liquidation | ™ | |
| on the verge of (bankruptcy) | ™ | () |
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Bankruptcy
While some companies perform well and expand, others are less successful and may have to go out of business.
When a person or business is unable to pay its debts they are considered to be in a state of insolvency or to be insolvent.
If the creditors, the people who are owed money take the matter to the court, the person or company is declared bankrupt. A company is then said to go bankrupt or to go bust.
Receivers are specialised accountants who are appointed by the court to find someone to rescue the company. If a company cannot be rescued, it goes into liquidation (into receivership).
The receivers, administrators or liquidators are specialists who are appointed to sell the company's assets and pay off the debts to creditors.
Another option is for the failing company to go into voluntary liquidation and appoint its own liquidator. When a company is on the verge of bankruptcy it should stop trading.
Exercises in Word Study
Ex.1. Form nouns from the following adjectives:
unable, successful, insolvent, failing, voluntary, administrative, optional, bankrupt.
Ex.2. Give the English for:
; ; ; (3); ; ; ; ; ; .
