CONCEPTUAL DIFFERENCES OF BANKRUPTCY LAW TERMINOLOGY IN THE UK, USA AND CANADA

Within the framework of the general tendency for globalization, interstate and intergovernmental promotion of cooperation and increase in commercial and cultural relations require reliable channels of communication. The legal regulation of international intercourse is an integral part of the business activity and any misunderstanding, inadequate use of terms and concepts or inappropriate language style can cause financial problems, conflicts and other unexpected difficulties. Thus, in order to avoid abovementioned complications a good command of a foreign language of law, as well as the knowledge of legal systems of other countries and understanding of legal concepts are vital. The cornerstone of legal language is its terminology, representing a complex structure of notions. On the one hand, all aspects of everyday life are expressed in the concepts of jurisprudence, however, the meaning of these concepts varies significantly from the layman's use. On the other hand, the terms contain and preserve the long-time traditions of the country where this theory of law is applied. These two opposite tendencies are reflected in the language and particularly in the terms. Traditionally when it comes to the translation of legal concepts the interpreters are faced with some challenges. Firstly, there are some legal notions which exist only in common law counties, thus there are no equivalents in continental legal systems. Secondly, attention should be paid to the particular jurisdiction where the terms are used, as one word may have different connotations depending on its "nationality" even within one legal system. The purpose of this article is to reveal various shades of meaning and usage peculiarities of bankruptcy terminology in Canada, the UK and USA. The research is based on the analysis of the statutes, acts of parliament and codes. In addition, the article will attempt to single out the key terms in bankruptcy law and the lexemes which dominate this legal branch. The results presented in the article are vital for translators and interpreters, as legal translation should be precise and without any ambiguity. Moreover, the conceptual peculiarities, described in this work, may prove the fact that legal terminology of any state is a unique phenomenon.