Glossary entry

Dutch term or phrase:

Wegmaking van activa

English translation:

spiriting /syphoning / of assets out of Belgium

Added to glossary by John O'Brien
Oct 29, 2020 08:32
3 yrs ago
19 viewers *
Dutch term

Wegmaking van activa

Dutch to English Law/Patents Law (general) Debt enforcement
This is court decision on the attachment of assets.

In a list of exhibits, one exibit is "E-mails betreffende poging tot wegmaking van activa uit Belgie";

Is this simply removal or maybe even embezzlement of assets.

All help apprciated.
Thank you

Proposed translations

1 day 2 hrs
Dutch term (edited): Wegmaking van activa uit Belgie
Selected

spiriting /syphoning / of assets out of Belgium

I agree with the asker's suggestion of 'removal'. Query: whether spiriting vs. siphon / syphon out of the country works in the USA, and not only for Southern Comfort.

Compare and contrast Wegschaffung von Aktiva in DEU and note that the text goes on to read out of Belgium.

Perhaps dissipation of assets - cf. IATE's misappropriation and concealment might have worked but for the geographical allusion.
Example sentence:

verduistering COM verdonkering COM wegmaking COM en misappropriation COM

Something went wrong...
4 KudoZ points awarded for this answer. Comment: "Thanks Adrian"
+3
11 mins

make assets disapper/obfuscate/conceal

I think they mean that the assets do not appear on the books.
Seehttps://www.accountingtoday.com/news/unveiling-the-mystery-o...
"We identified over 250 fictitious entities used to purchase properties and ultimately obfuscate assets from the trustee. Profits from the sale of the properties were concealed under the guise of substitute purchasers and also through hundreds of fictitious bank, brokerage and other accounts. "
Peer comment(s):

agree Michael Beijer : I think you're probably right! (disapper > disappear :-)
28 mins
Thanks Michael (also for the correction!).
agree writeaway : This is a really hot topic here and is in the papers/news all the time. Authorities are constantly going after people trying to hide their assets to avoid paying tax.
1 hr
Thanks, writeaway!
agree Tina Vonhof (X)
6 hrs
Thanks, Tina!
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8 mins

disposal of assets

see:

"The disposal of assets involves eliminating assets from the accounting records. This is needed to completely remove all traces of an asset from the balance sheet (known as derecognition). An asset disposal may require the recording of a gain or loss on the transaction in the reporting period when the disposal occurs."

(https://www.accountingtools.com/articles/how-do-i-record-the... )

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Note added at 10 mins (2020-10-29 08:43:54 GMT)
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"ADVANCED BOOKKEEPING
KAPLAN PUBLISHING
Disposal of capital assets
Introduction

When a capital asset or non-current asset is disposed of there are a
variety of accounting calculations and entries that need to be made.

Firstly, the asset being disposed of must be removed from the accounting
records as it is no longer controlled. In most cases the asset will be
disposed of for either more or less than its carrying value leading to a
profit or a loss on disposal which must be accounted for.

Finally, the fact that the asset has been disposed of must be recorded in
the non-current asset register.

In most examinations you will be required to put through the accounting
entries for the disposal of a capital asset (i.e. a non-current asset) and to
record the disposal in the non-current asset register."

(https://kaplan.co.uk/docs/default-source/pdfs/study-options-... )

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Note added at 12 mins (2020-10-29 08:45:34 GMT)
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#########################
Juridisch-Economisch Lexicon (JurLex):
wegmaking =
being disposed of
#########################
Peer comment(s):

neutral Marijke Singer : My issue with this is that disposal of assets is legal while wegmaking implies an illegal activity. They added 'poging' in Dutch. In other words, it failed. It may be completely innocent, but why then a court case.
6 mins
Very good point.
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23 hrs

concealment of assets

Concealment of Belgian assets.
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Reference comments

7 mins
Reference:

refs

Juridisch-Economisch Lexicon (JurLex):
wegmaking =
being disposed of
Something went wrong...
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