Nuovo appuntamento con “Peter’s Pills“, la rubrica online di Legal English by Federnotizie (la rivista online di Federnotai), in collaborazione con Confprofessioni e Beprof. La 28esima video-lezione “Company meeting words” è disponibile sul sito www.federnotizie.it, sui canali social e sul sito di Confprofessioni e sull’app Beprof, scaricabile da App Store e Google Play.
LESSON N. 28: CLICCA SOTTO PER IL VIDEO
Transcript:
Hello!
In Company Law we use the expression “a going concern” to refer to a business entity (entità imprenditoriale) that we believe will continue to operate into the foreseeable future without the need for intervention of the court or of management to liquidate the entity or to significantly reduce its operational activities.
If, however, an entity is unable to meet its obligations when they become due (scadere; maturare) and needs to make a substantial sale of assets or needs debt restructuring, then we would not consider that entity to be a going concern.
When an entity is deemed (ritenuto) to be a going concern, it is deemed to be a commercially viable entity (entità commercialmente redditizia) with goodwill (avviamento). Some people define a going concern as a viable concern (impresa economicamente redditizia) which will be able to fully operate and pay all its debts for a period longer that the following 12 months.
A “concern” is an uncommon synonym for a “business”. When we speak about the sale of a going concern, this is often abbreviated to TOGC, which stands for the “transfer of business as a going concern“.
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See UK tax requirements for TOGCs here: “Transfer a business as a going concern”