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