claims reserve [ loss reserve | provision for outstanding losses | reserve for outstanding claims | reserve for outstanding losses ]

claim admitted but not paid

outstanding loss reserve

The company described its organisational measures as follows: creation of reserves for an amount equal to the debt still to be paid under the arrangement; management of cash flow during the arrangement procedure so as to avoid inefficient expenditure, especially for energy and materials; regular payment of taxes and other public obligations; intensification of marketing activities; increase of sales to the most profitable customers; workforce review; limitation of expenditure for social purposes during the arrangement procedure; better use of existing plant; and energy consumption and cost reductions.

"The discussions that took place within the Council (Economic and Financial Affairs) on Monday 19 April in Luxembourg did not produce an agreement on the issues still to be resolved in connection with the proposal for a Seventh VAT Directive on used goods and works of art. Although some progress was made and in spite of the elements of a compromise put forward by the Danish Presidency and the Commission, several reservations remain, notably with regard to the conditions under which works of art are to be taxed, and this is holding up adoption of the Directive as a whole.