poder dispositivo, embargo y secuestro

English translation: power of disposal, distraint and attachment

08:27 May 20, 2020

Spanish to English translations [PRO]
Bus/Financial - Finance (general) / From an audit report

Spanish term or phrase: poder dispositivo, embargo y secuestro

The audit has uncovered irregularities and accordingly an administrative agreement has been adopted "por el que se ordenó la suspensión del poder dispositivo, embargo y secuestro de las acciones de Empresa A en Empresa B, las cuales se entregaron en custodia a [Authority X]"

"The suspension of the power to dispose of, seize and confiscate A's shares in B" doesn't make sense to me. So I think it means "the suspension of the power to dispose of A's shares in B and [in addition] the seizure and confiscation of those shares".

How do others read it please?

Thanks

Comunican KudoZ activity Questions: 1188 (7 open) (3 without valid answers) (118 closed without grading) Answers: 137 United Kingdom
Local time: 06:22

English translation:power of disposal, distraint and attachment

Explanation:
Example:

English:
Under this phase, the prosecutor may order precautionary measures or request the competent judge to adopt such measures, as appropriate, which shall include suspension of the power of disposal, distraint and attachment of assets, money on deposit in the financial system, securities and returns thereon as well as the order not to pay such returns where it is impossible to physically seize the securities ”

Spanish:
En el desarrollo de esta fase, el fiscal podrá decretar medidas cautelares, o solicitar al Juez competente, la adopción de las mismas, según corresponda, que comprenderán la suspensión del poder dispositivo, el embargo y el secuestro de los bienes, de dinero en depósito en el sistema financiero, de títulos valores, y de los rendimientos de los anteriores, lo mismo que la orden de no pagarlos cuando fuere imposible su aprehensión física....”

Selected response from:

Sakshi Garg
India
Local time: 10:52

Grading comment

Selected automatically based on peer agreement.
4 KudoZ points were awarded for this answer

Summary of answers provided

5 +3

power of disposal, distraint and attachment

Sakshi Garg

freezing [UK "restraint"], seizure and sequestration

Robert Carter

authority to dispose of, freeze, or seize

bigedsenior

power of devices, units or mechanisms, confiscation and abduction

Lisa Rosengard

Discussion entries: 2

Answers

21 mins confidence:

peer agreement (net): +3

power of disposal, distraint and attachment

Sakshi Garg
India
Local time: 10:52
Native speaker of:

English,

French
PRO pts in category: 4

Grading comment

Selected automatically based on peer agreement.

6 hrs confidence:

power of devices, units or mechanisms, confiscation and abduction

Explanation:
'poder' means 'power' when it'a a noun.
'embargo' means 'seizure' or 'confiscation'
'secuestro' means 'abduction' or 'kidnapping'

Example sentence(s):

Se ordenó la suspensión del poder dispositivo, embargo y secuestro de las acciones de la Empresa A en la Empresa B
Someone ordered suspension of the disruption (power) from devices or mechanisms, confiscation and abduction noted in the actions of Business Office A over Business Office B.

Lisa Rosengard
United Kingdom
Local time: 06:22
Works in field
Native speaker of: English
PRO pts in category: 4

13 hrs confidence:

freezing [UK "restraint"], seizure and sequestration

Explanation:
To the asker's question, yes, you're right, it's not "suspension of the power to dispose of, seize and confiscate", it's (a) "suspension of the power to dispose of" (or more succinctly "freezing", referred to in the UK as "restraint"), plus (b) "seizure" and "sequestration". The term "confiscation" refers to a permanent measure, not a temporary one.

If this is from Colombia, then the phrase "embargo y secuestro" is covered by the term "seizure", as the definitions below show:
" ¿Qué es el embargo?
El embargo de bienes es la manera como el juez, por medio de una orden judicial, saca los bienes del demandado del comercio.
...
¿Qué es el secuestro?
De conformidad con el Art. No. 2273 del Código Civil, el secuestro de bienes es el depósito de una cosa que se disputan dos o más individuos, en manos de otro que debe restituir al que obtenga una decisión a su favor."

The term "sequestration" doesn't seem to be covered in the FATF recommendations, which talks about three main remedies, two provisional (freezing and seizure) and one permanent (confiscation):

"“Confiscation of assets or property”, also known in some jurisdictions as “forfeiture”, means the permanent deprivation of property by order of a court or other competent authority.
...
“Freezing” means temporarily prohibiting the transfer, conversion, disposition or movement of property, usually on the basis of an order issued by a court or a competent authority. The term is used interchangeably with “restraining”, “attachment”, “preservation” or “blocking”."
https://www.un.org/ruleoflaw/files/Confiscation_Manual_Ebook...

"Confiscation
The term confiscation, which includes forfeiture where applicable, means the permanent deprivation of funds or other assets by order of a competent authority or a court. Confiscation or forfeiture takes place through a judicial or administrative procedure that transfers the ownership of specified funds or other assets to be transferred to the State.
...
Freeze
In the context of confiscation and provisional measures (e.g., Recommendations 4, 32 and 38), the term freeze means to prohibit the transfer, conversion, disposition or movement of any property, equipment or other instrumentalities on the basis of, and for the duration of the validity of, an action initiated by a competent authority or a court under a freezing mechanism, or until a forfeiture or confiscation determination is made by a competent authority.

Seize
The term seize means to prohibit the transfer, conversion, disposition or movement of property on the basis of an action initiated by a competent authority or a court under a freezing mechanism. However, unlike a freezing action, a seizure is effected by a mechanism that allows the competent authority or court to take control of specified property."
FATF Recommendations - INTERNATIONAL STANDARDS ON COMBATING MONEY LAUNDERING AND THE FINANCING OF TERRORISM & PROLIFERATION
https://www.fatf-gafi.org/media/fatf/documents/recommendatio...

I think "sequestration" works well here for "secuestro" because it is a temporary measure in which assets are held in deposit until a decision is reached.

"In law, sequestration is the act of removing, separating, or seizing anything from the possession of its owner under process of law for the benefit of creditors or the state.
...
The Assets Recovery Agency (ARA) was established in the United Kingdom under the Proceeds of Crime Act 2002 to reduce crime by sequestering the proceeds of crime"
https://en.wikipedia.org/wiki/Sequestration_(law)

Ah, regarding restraint and its use in the UK in place of "freezing":

"A restraint order is an order which has the effect of freezing the assets and bank accounts of the persons against whom it is directed, in consequence of a belief by the authorities that some crime has been committed from which a person has benefited financially."
https://en.wikipedia.org/wiki/Restraint_order

So effectively you would have:

"ordering the freezing [restraint], seizure and sequestration of the shares of Company A in Company B, which were deposited with Authority X"

Robert Carter
Mexico
Local time: 23:22
Works in field
Native speaker of:

English
PRO pts in category: 288

16 hrs confidence:

authority to dispose of, freeze, or seize

Explanation:
In relations to stocks
Dispose of, usually means selling (disposition)

Freeze is to prevent someone else from selling until certain conditions are met. There are other terms presented, but this is more specific to stocks.

Seize is what happens if the conditions of meeting the freeze are not met.

Frozen Account Definition - Investopedia
https://www.investopedia.com/terms/f/frozenaccount.asp
Sep 19, 2019 · Frozen accounts do not permit any debit transactions. When an account is frozen, account holders cannot make any withdrawals, purchases, or transfers,

What Does the Term Frozen Mean in the Stock Market ...
https://finance.zacks.com/term-frozen-mean-stock-market-1082...
Most of the time, the stock market is in constant motion. Millions of trades can go through in an hour, and millions of traders participate. When the market freezes, trading

bigedsenior
Local time: 22:22
Works in field
Native speaker of: English
PRO pts in category: 337

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poder dispositivo, embargo y secuestro

English translation: power of disposal, distraint and attachment

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