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Legal Translation: Requirements and Issues

 

Legal translation is the translation of texts within the field of law.

Globalisation and the increase in international business relations and political and economic integration, which led to integration between legal systems, made the demand for legal translations higher than ever.

 

Successful legal translations must meet the following requirements:

Accuracy and attention to detail;

Knowledge of the legal systems, both of the source and target languages;

Familiarity with the relevant legal terminology;

Confidentiality;

Timely delivery of your translated documents.

 

Accuracy of a legal document translations depends largely on word selection and syntax. The formal language contained in a document shall be used in the same order. A slight paraphrase can change the legal meaning of a document. Highest accuracy includes identifying the local language requirements and proofreading documents before delivery.

Accurate legal translations can be delivered only by highly specialised translators who have a comprehensive working knowledge and experience in the legal industry.
A legal translator not only translates from one language into another but also translates from one legal system into another and must understand local culture and have an in depth knowledge of the legal system in place in the country for which the translation is intended.

Legal translation is often more difficult than other types of translation because each system has its own legal terminology.

A good legal translator shall have extensive knowledge of the relevant legal terminology in both the source and target languages and be a specialist in a particular legal area, such as:

- International law
- Civil law,
- Corporate law,
- Property law,
- Tax and accounting law,
- Insurance law,
- Patent law and etc.

Since many legal documents contain sensitive data, all law translations are to remain strictly confidential.
Legal translators shall accept confidentiality and security issues very seriously and be able to provide a non-disclosure agreement.

Most legal documents have deadlines in court and are useless after those dates.
All law documents have to be translated and delivered before the deadline. A stringent approach to quality control can ensure the delivery of stylistically consistent translations on time even under the most pressing delivery schedule.

When it comes to legal translation, a translator is required to have an extensive knowledge of law and to understand local cultures and sociological nuances of those cultures in order to convey the message across sufficiently.
Successful legal translations must also meet the requirements of accuracy, confidentiality and punctuality.

 

 

 

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Debt Issues: Welcome to Iva Uk

When asking prospective clients in the UK if they have ever been in an IVA the most common response I get is ‘what’s an IVA?’

20 years ago in 1986 the insolvency act introduced the IVA. IVA stands for Individual Voluntary Arrangement A formal, it is court ratified, process that allows somebody struggling with unsecured debts to make a payment proposal to their creditors.

IVA numbers are increasing dramatically at the time of writing. A record number of people in England and Wales went insolvent between July and September 2006. The Insolvency Service said 27,644 people went bankrupt or entered into Individual Voluntary Arrangements to manage their debts.

Why are IVA’s proving to be ‘popular’?

Creditors like them because it can often provide greater returns than would normally be realised if the debtor went bankrupt.

Debtors like to make use of an IVA because it freezes interest on debts, it makes the payments more manageable, it protects their home, it is a very discreet debt solution (unlike bankruptcy) and allows company directors to retain their position.

After a period of normally 60 monthly payments, any outstanding amounts of unsecured debts included in the IVA are written off.

That sounds great, how do I organise an IVA?

Well initially your unsecured debts need to be in excess of £15,000. If you have more than £15,000 of unsecured debts and are struggling with debt repayments then it’s time to talk to a professional.

Only qualified professionals can administer an IVA. This is usually an insolvency practitioner but there are a number of firms that have sprung up to effectively ‘package’ an IVA ready for the insolvency practitioners to complete the IVA. The insolvency practitioner then becomes the trustee for the IVA.

To get an IVA agreed, a clear statement of your financial position will need to be drawn up. This will include all assets (house(s), cars, endowment policies, cash plans, pension details, etc) and then details of your monthly income and expenditure.

All these details are put to your creditors along with a proposed monthly payment.

What about my house?

Importantly, if you own your own home, then any equity you have available in the property will form part of the IVA proposal as part of the repayment offer. A secured charge is applied to your property equivalent to the proposal put to the creditors. The charge is normally applied to your property during the first year of the IVA and normally realised in the fourth year of the IVA.

If the property is jointly owned then only the debtors share of equity is normally considered under the IVA.

So what happens when the creditors vote on my IVA?

The creditors vote on whether to accept the IVA proposal or not. If more than 75% by value of unsecured creditors vote in favour of the IVA then it has to be accepted by all the unsecured creditors.

What do you mean more than 75% by value?

Well if you have 4 creditors but say one of them is owed 76% of your total amount of unsecured debts then it is only their vote that counts. If they accept the IVA proposal then the others will have to accept payments. Equally, if the 76% creditor declines the IVA proposal then the whole proposal has been rejected.

What happens if my IVA is rejected?

Well first thing, remain calm. There is an opportunity to submit an improved IVA proposal if your funds allow. Failing that it may be time to consider an informal payment plan or perhaps even bankruptcy. This is best discussed with a debt help and advice professional.

What if I miss any of my IVA payments?

A well drawn up IVA will allow for one or two missed payments in the IVA but missing payments is a serious business. The IVA is a court ratified agreement. Missing payments in an IVA runs the real risk that the trustee will legally have to force you into bankruptcy.

What happens to the IVA if my circumstances alter?

If your circumstances alter then this needs to be reflected in your IVA. That means should your income fall then the repayments should also be reduced. Equally, where your income improves then more money will be made available each month to your creditors.

Well I made it to the end of my IVA, what now?

The trustee will issue a ‘Statement of Completion’ normally within 3 months of the last payment of the IVA. The trustee will also notify the Insolvency Service and reflect this in their records.

Finally, do be aware and get proper IVA advice.

Do sit down and get an experienced professional to go through everything in detail. Be aware of all the factors that will affect you if you decide to enter into an IVA. Whilst this article is accurate, it cannot be used to replace advice from a professional organisation.

Ed Pearson is a Debt Dr. Debt Dr specialise in debt help and advice for individuals and small businesses. Ed can be contacted on 0845 123 4000 or in confidence on 07970 659266.

http://www.debtDr.co.uk ‘prescribing life without debt’

This article does not constitute regulated advice. Please remember that any action regarding financial advice should always be taken only after considering the specifics of your own situation.

To find out more about Ed try, http://www.ecademy.com/account.php?id=41788