Glossary entry (derived from question below)
French term or phrase:
disponibilité
English translation:
discretion; independence
Added to glossary by
Wolf Draeger
Nov 16, 2019 13:22
4 yrs ago
19 viewers *
French term
disponibilité
French to English
Bus/Financial
Finance (general)
Analysis by French auditors of the demise over several years of a French company in a multinational group centred in the US. The US management appear to have used the by-now classic technique of interest rate shenanigans: the French company which used to be profitable and "master of its own destiny", and even lent money to other companies in the group, became hobbled and increasingly nobbled by interest payments following successive restructuring operations.
The various decisions to borrow, and dispose of assets, on rubbish terms by the management of the French company are the ones characterised below as "actes anormaux de gestion".
"Disponibilité et liberté d'action
La note d'[Auditor] évoque les questions que pourrait soulever l'administration fiscale française pour caractériser un acte anormal de gestion, notamment :
La société XXX aura-t-elle la même disponibilité et liberté d'action dont elle disposait dans la gestion de sa trésorerie ou de ses créances à court terme, après avoir apporté ses actifs à YYY ?
Quelle est la garantie que YYY pourra payer les dividendes à XXX ou rembourser sa dette en capital à XXX ?"
...
"La perte de substance subie par XXX en 2015 du fait de la restructuration du groupe, réalisée à des fins d'optimisation fiscale pour le compte des sociétés américaines du groupe, ressort ainsi a minima à ZZZ k€.
La société XXX a en effet perdu la disponibilité et la liberté d'action dont elle disposait dans la gestion de sa trésorerie et de ses créances après avoir apporté ses actifs à YYY."
"Availability" doesn't seem right to me. I considered whether it might refer to the fact of possessing "disponibilités"... but somehow I have doubts about this too...
The various decisions to borrow, and dispose of assets, on rubbish terms by the management of the French company are the ones characterised below as "actes anormaux de gestion".
"Disponibilité et liberté d'action
La note d'[Auditor] évoque les questions que pourrait soulever l'administration fiscale française pour caractériser un acte anormal de gestion, notamment :
La société XXX aura-t-elle la même disponibilité et liberté d'action dont elle disposait dans la gestion de sa trésorerie ou de ses créances à court terme, après avoir apporté ses actifs à YYY ?
Quelle est la garantie que YYY pourra payer les dividendes à XXX ou rembourser sa dette en capital à XXX ?"
...
"La perte de substance subie par XXX en 2015 du fait de la restructuration du groupe, réalisée à des fins d'optimisation fiscale pour le compte des sociétés américaines du groupe, ressort ainsi a minima à ZZZ k€.
La société XXX a en effet perdu la disponibilité et la liberté d'action dont elle disposait dans la gestion de sa trésorerie et de ses créances après avoir apporté ses actifs à YYY."
"Availability" doesn't seem right to me. I considered whether it might refer to the fact of possessing "disponibilités"... but somehow I have doubts about this too...
Proposed translations
(English)
4 +1 | discretion [reword sentence] | Wolf Draeger |
3 +4 | liquidity | Marco Solinas |
4 | cash and cash equivalents | Marcombes (X) |
3 | control (over its assets) | Gordon Matthews |
Change log
Nov 21, 2019 10:40: Wolf Draeger Created KOG entry
Proposed translations
+1
1 day 40 mins
Selected
discretion [reword sentence]
It looks to me like the actual term in question is the full disponibilité et liberté d'action which has nothing to do with liquidity or cash (properly spelt in the plural: disponibilités).
See CNRTL link below for when disponibilité means something along the lines of using one's own discretion, of being able and willing to make one's own decisions:
Possibilité, pour une personne sans engagement ni obligation, de jouir d'une totale liberté de mouvement, d'action.
Situation intellectuelle de celui qui est disponible, qui n'est pas limité par des choix antérieurs. Disponibilité de l'esprit, de la pensée; état de disponibilité
You'll probably have to rework the sentence to get the proper meaning across.
See CNRTL link below for when disponibilité means something along the lines of using one's own discretion, of being able and willing to make one's own decisions:
Possibilité, pour une personne sans engagement ni obligation, de jouir d'une totale liberté de mouvement, d'action.
Situation intellectuelle de celui qui est disponible, qui n'est pas limité par des choix antérieurs. Disponibilité de l'esprit, de la pensée; état de disponibilité
You'll probably have to rework the sentence to get the proper meaning across.
Example sentence:
Will XXX be able to manage its cash and short-term receivables with the same discretion and freedom as before once it contributes its assets to YYY?
XXX is in fact no longer able to manage its cash and short-term receivables with the same discretion and freedom it had before contributing its assets to YYY.
Note from asker:
Thanks, glad someone else has doubts about disponibilité = liquidity. My feeling was merely an intuition; now you've given me something to chew on. |
Peer comment(s):
agree |
Ph_B (X)
: I was actually preparing a discussion comment along these lines.
4 mins
|
Ta! Great minds & all that :-)
|
4 KudoZ points awarded for this answer.
Comment: "Thanks, came round to this view in the end."
+4
24 mins
liquidity
Or "liquid assets". See Record 6 of http://www.btb.termiumplus.gc.ca/tpv2alpha/alpha-eng.html?la...
Note from asker:
Haha, yes of course, thanks - it's probably just be as simple as that. What made me think it was something else what that the author speaks of "... la même disponibilité et liberté d'action dont elle disposait dans la gestion de sa trésorerie...": so I was wondering about the concept of "disponibilité dans la gestion...". But it's probably just slightly loose drafting. |
Peer comment(s):
agree |
philgoddard
1 hr
|
agree |
Timothy Rake
8 hrs
|
agree |
Daryo
: simply "disponibilité " = the amount of money available / à disposition
18 hrs
|
agree |
Celine Nguyen Van Tung
3 days 3 hrs
|
18 hrs
cash and cash equivalents
I already found this term in financial balances.
22 hrs
control (over its assets)
My immediate thought was "availability". I think in this case, it is about the company being able to avail itself of its own assets, i.e. having control of its assets.
Discussion