"All assets could be pledged except for pledges over a going concern (gages sur fonds de commerce), Luxembourg law doesn't provide for an all assets security."
Could someone explain this sentence？ What does “over” mean here? Thank you.
English Language & Usage Stack Exchange is a question and answer site for linguists, etymologists, and serious English language enthusiasts. It only takes a minute to sign up.Sign up to join this community
A going concern usually means a business, and, combined with the last clause, it would mean "it is not possible to mortgage the company as a whole, only individual assets". I say 'would' because a) as Janus points out, the comma would then have to be a semicolon and b) the French does not seem to have the same meaning.
But trying to understand legal English with a dictionary rather than a lawyer is like learning to drive from a manual rather than an instructor; it can be done, but is very dangerous. Without the full context, I'm just guessing, and if you included the full context it would probably be a legal question rather than English. The poor translation makes it entirely reasonable to ask somebody who actually knows.
The meaning of "over" in this context appears to be "on." In French (which is spoken in Belgium), the word "sur" refers to both, meaning that "sur" may have been mistranslated here.
So the phrase should be translated: "All assets could be pledged except for pledges ON a going concern (gages SUR fonds de commerce), Luxembourg law doesn't provide for an all assets security."