recht van verblijven

18:20 Sep 7, 2022

Dutch to English translations [PRO]
Bus/Financial - Business/Commerce (general) / AKTE VAN COMMANDITAIRE VENNOOTSCHAP / LIMITED PARTNERSHIP DEED

Dutch term or phrase: recht van verblijven

I am having trouble with "verblijven" / "Verblijvingsbeding" in the following context:

AKTE VAN COMMANDITAIRE VENNOOTSCHAP / LIMITED PARTNERSHIP DEED

"Artikel 15 - Verblijvings- en overnamebeding

Artikel 15.1

Wanneer de vennootschap eindigt door een der oorzaken als vermeld in artikel 14,
sub b. tot en met f. en wanneer lid 2 van dit artikel geen toepassing vindt verblijven
alle activa der vennootschap met inbegrip van de firmanaam. en alle
bedrijfsvergunningen:

• a. indien is opgezegd als bedoeld in artikel 14 sub a . : aan de vennoot die
niet heeft opgezegd;
• b. indien is opgeregd als bedoeld in artikel 14 sub b. of c.: aan de vennoot die heeft
opgezegd;
• c. indien een vennoot onder curatele is gesteld of indien voor een vennoot een
bewindvoerder is benoemd:
• d. aan de vennoot, die niet onder curatele is gesteld respectievelijk voor wie
geen bewindvoerder is benoemd;
• e. in geval van faillietverklaring van of aanvraag tot surseance van betaling
door een vennoot:
aan de vennoot die niet failliet is verklaard respectievelijk die geen surseance van
betaling heeft aangevraagd;

(in geval van uitvallen van vennoot 1, komt aan vennoot 2 tevens het recht toe de
juridische eigendom te verwerven van de tot de activa der vennootschap behorende
onroerende goederen, welke op dat tijdstip op naam van vennoot 1 staan.)
Artikel 15.2

De vennoot aan wie ingevolge lid 1 van dit artikel het recht van verblijven toekomt,
heeft het recht om voor het einde van het boekjaar doch binnen minimaal twee
maanden na het eindigen der vennootschap door een der oorzaken als vermeld in
artikel 14 sub b. toten met f., af te zien van voornoemd recht van verblijven.

Hij dient dat - wanneer hij geen gebruik wenst te maken van bedoeld recht van
verblijven - bij aangetekend schrijven of deurwaardersexploot mede te delen aan de
uitgevallen vennoot c.q. diens rechtverkrijgenden/ rechtsvertegenwoordiger(s).

…

Artikel 18
Liquidatie
Indien de vennootschap eindigt zonder dat de overgebleven vennoot van zijn recht
van verblijven c.q. overneming gebruik maakt, zullen haar zaken zo spoedig mogelijk worden geliquideerd/ verkocht door de overgebleven vennoot c.q. diens
rechtverkrijgenden / rechtsvertegenwoordiger(s)."

similar context: https://www.proz.com/kudoz/dutch-to-english/law-contracts/21...

Michael Beijer KudoZ activity Questions: 520 (9 open) (2 without valid answers) (97 closed without grading) Answers: 1132 United Kingdom
Local time: 20:28

Summary of answers provided

succession right / right of succession

Bryan Crumpler

right of remainder; a contingent remainder interest

Adrian MM.

Summary of reference entries provided

Terminologie financieel management N-E [Van Amerongen]

Jack den Haan

Discussion entries: 8

Michael Beijer

United Kingdom

ASKER

Van Dale

20:48 Sep 7, 2022

verblijven:
2. juridisch toegewezen worden (aan …), eigendom worden van …
≈ toekomen

Michael Beijer

United Kingdom

ASKER

@Jack

20:16 Sep 7, 2022

This seems to support your suggested "right of retention":

"41. Where a partnership contract is rescinded on the ground of the fraud or misrepresentation of one of the parties thereto, the party entitled to rescind, is, without prejudice to any other right, entitled
- (a) to a lien on, or right of retention of, the surplus of the partnership assets after satisfying the partnership liabilities, for any sum of money paid by him for the purchase of a share in the partnership and for any capital contributed by him;"

http://gazettes.gov.ky/portal/pls/portal/docs/1/11524805.PDF

Michael Beijer

United Kingdom

ASKER

various (unsolved) questions on same term

19:41 Sep 7, 2022

There seem to be various (unsolved!) questions on the site relating to "verblijven/verblijving":

• https://www.proz.com/kudoz/dutch-to-english/law-general/6440...
• https://www.proz.com/kudoz/dutch-to-english/law-contracts/21...
• https://www.proz.com/kudoz/dutch-to-english/law-contracts/33...
• https://www.proz.com/kudoz/dutch-to-english/law-general/1412...

Jack den Haan

Netherlands

Right of rentention?

19:15 Sep 7, 2022

How about 'right of retention' or, to be more specific in your context, 'retention clause' or 'asset retention clause'? See https://seeds.law/en/news-insights/the-right-of-retention-ge... and https://www.lawinsider.com/clause/asset-retention, for example.

Michael Beijer

United Kingdom

ASKER

hmm

18:46 Sep 7, 2022

just found this in JurLex:

verblijvensbeding =
survivorship clause, accrual clause, accrue clause

Michael Beijer

United Kingdom

ASKER

see also:

18:45 Sep 7, 2022

"Opheffen
Als een beherend vennoot stopt of overlijdt, dan is de cv ontbonden en eindigt de cv. Wilt u dat de cv blijft bestaan na het wegvallen van een vennoot? Regel dit in het vennootschapscontract met een zogeheten verblijvensbeding of overnamebeding. Dat betekent dat de vennoten die blijven de inbreng van de vertrokken of overleden vennoot overnemen. De cv kan dan bijvoorbeeld doorgaan met een nieuwe vennoot of als eenmanszaak. In het contract spreekt u af wie waar recht op heeft en hoe u het bedrijf verdeelt."

(https://ondernemersplein.kvk.nl/de-commanditaire-vennootscha... )

Michael Beijer

United Kingdom

ASKER

survivorship

18:43 Sep 7, 2022

Dissolving and liquidating a limited partnership
The cv ceases to exist if a partner leaves the partnership agreement or dies. However, it is possible to include a survivorship or takeover clause in the partnership contract, so that the remaining partners can continue running the business, for instance by seeking a new partner or continuing as a sole proprietorship (eenmanszaak).

When dissolving your cv, you'll have to pay any outstanding debts and return each partner's share in the partnership. This is called liquidation, or in Dutch' vereffening'. Any surplus is then distributed to the partners based on their share in the cv's profits. Managing partners will have to deposit additional funds into the partnership if there's not enough cash in the cv to pay any outstanding debts. The limited partner doesn't have to make any additional deposits.

Make sure you report the changes to KVK and the Dutch Tax and Customs Administration.

(https://www.kvk.nl/english/starting-a-business-in-the-nether... )

This supports the following, which was an option I was considering:
Verblijvings- en overnamebeding =
Survivorship or takeover clause

Michael Beijer

United Kingdom

ASKER

found a document with a similar context:

18:28 Sep 7, 2022

"9.3 Continuation
Without prejudice to Clause 5.4 hereof, in the event that a Partner is removed or retires from HEARTLAND C.V., HEARTLAND C.V. shall be continued by the remaining Partners and all of the assets and liabilities (subject in the case of the Limited Partners to the limitation of liability set forth in Clause 0) of HEARTLAND C.V. shall remain (verblijven) with such remaining Partners and shall, to the extent necessary to effect the foregoing be transferred to such remaining Partners (with the unanimous prior written approval of all the Partners). The Limited Partners hereby irrevocably grant the General Partner a power of attorney to on their behalf effect all transfers of the Limited Partners interest in HEARTLAND C.V. "

http://www.vastgoedvergelijker.nl/wp-content/files/funds/478...

Answers

6 hrs confidence:

right of remainder; a contingent remainder interest

Explanation:
- as opposed to a reversionary right or reverter to the original owner.

Right of survivorship or accrual ('ius / jus accrescendi') will work if the limited partners are treated as joint owners ('joint tenants'), like husband & wife in English land & personal property law, as opposed to separate owners ('tenants-in-common' holding on a 'tenancy-in-common' = separate ownership).

Perhaps post overname (transfer; vesting; subscription; take-up vs. take-over) as a separate question.

I'm also unsure about usage of the term of 'liquidation' of a partnership, rather winding-up vs. the other way round for a UK limited company: first wind-up, then liquidation, afterwards dissolved and, lastly, struck off the register of companies.

PS Adam Smith's idea of tontine (contributory savings scheme divided, on dissolution, between the survivors> FHS Bridge FRE/ENG) is quite a good idea, except too close to the Belgian cartoon character of Tintin.

Example sentence(s):

The key difference between a reversion & a remainder is that a reversion is held by the grantor of the original conveyance, whereas "remainder" is used to refer to an interest that would be a reversion, but is instead transferred to other than the grantor
A remainder interest is a future interest a person has in an asset.

Reference: http://www.legalzoom.com/articles/5-clauses-your-partnership...
Reference: http://www.law.cornell.edu/wex/contingent_remainder

Adrian MM.
Austria
Native speaker of:

English
PRO pts in category: 12

94 days confidence:

succession right / right of succession

Explanation:
Tardy for the party, but this looks to me like part of the business continuity/succession plan.

To summarize the whole bit, if the partnership ends, or a general partner exits/leaves/dies or otherwise withdraws from the company, the assets etc “remain” in place, and the successor or succeeding partner will have an opportunity to either accept, waive, or forfeit their right to take over the remaining responsibilities to perpetuate the business. Almost like a first right of refusal in a succession event.

https://www.justia.com/estate-planning/asset-protection/business-succession-planning/#:~:text=Succession%20planning%20involves%20a%20company
https://www.oxfordreference.com/display/10.1093/oi/authority.20110810105608321;jsessionid=C30A124FCFFA73B4FB69E8F1C31AD3D8

Bryan Crumpler
United States
Local time: 15:28
Specializes in field
Native speaker of:

English
PRO pts in category: 20

Reference comments

28 mins peer agreement (net): +1

Reference: Terminologie financieel management N-E [Van Amerongen]

Reference information:
verblijvingsbeding (in firma-contract) = clause securing the assets to remain vested in the partnership firm

Jack den Haan
Netherlands
Works in field
Native speaker of:

Dutch,

English
PRO pts in category: 72

Note to reference poster

Asker: Thanks Jack! Forgot to look in my old Van Amerongen. survivorship clause, accrual clause, accrue clause (as per JurLex)… all seem to relate more to people dying, rather than as in my context, where the partnership is terminated because of stuff like people going bankrupt, etc. can't quite seem to find a snappy term for "verblijven/verblijving", which I can use everywhere in my text. "securing the assets to remain vested in the partnership firm" is quite a mouthful ;-)

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