Answer Key

Success and failure – Practice 2

Fill in the gaps with the appropriate word or phrase in the correct form.
  1. He is one of our biggest  [debtors] and owes us 4 million CZK.
  2. Many believe that her father  [sits] on a cash pile and so they keep on asking her for money.
  3. We need to reorganize our finances so we're  [filing] for bankruptcy.
  4. The new CEO failed to turn the company round and last month it defaulted  [on] its huge $1.2 million debt.
  5. They were  [insolvent] and could not find any money to pay for the redundancy package and any of their debts.
  6. It was a disastrous year in which the company had to  [write] off $270 million in investments.
  7. There's no hope of finding anyone to save the company so it will be put  [into] liquidation next week.
  8. The Australian mining company said it was facing  [bankruptcy] after discovering its mines might not have enough gold to pay back loans.
  9. Our US office works with a system where a company in difficulty can get  [protection] from its creditors, giving it time to reorganize and pay off debts.
  10. It became clear that we hadn't  [built] up enough reserves to deal with such a complex financial situation.