if there is no relevant office-holder referred to in paragraph (b), the defaulter to whom the report relates.

(如没有(b)段所指的有关人员)该报告所关乎的失责人。

The provisions of this section shall apply with respect to any net sum certified under section 7 (1)(a)by a recognized clearing house, upon the completion by it of any default proceedings, to be payable by or to a defaulter .

本条条文适用于认可结算所在完成任何失责处理程序后，根据第7(2)(a)条证明须由失责人支付或须支付予失责人的净款额。

Any relevant office-holder acting in relation to the defaulter to whom the report relates; or that defaulter’s estate

处理关乎该报告所关乎的失责人的事件的有关人员;或该失责人的财产的事件的有关人员

he shall, at the request of a creditor of the defaulter to whom the report relates make the report available for inspection by the creditor;

而该报告所关乎的失责人的债权人提出请求，则有关人员或失责人须让该债权人查阅该报告

Where a relevant office-holder takes any action in relation to property of a defaulter which is liable to be dealt with in accordance with the default rules of a recognized clearing house,

凡失责人的财产可按照认可结算所的失责处理规则处理，而有关人员就该财产采取任何行动

Where a relevant office-holder or defaulter receives pursuant to subsection (2)a report made pursuant to subsection (1),

凡有关人员或失责人依据第(2)款收到一份依据第(2)款作出的报告

the net sum, if any, certified by the clearing house to be payable by or to the defaulter ; or the fact that no sum is so payable,

经该结算所证明须由该失责人支付或须支付予该失责人的净款额;或该失责人无须支付款额或无须支付予该失责人款额的事实，)

It may publish notice of that fact in such manner as it thinks appropriate to bring it to the attention of creditors of the defaulter to whom the report relates.

可以它认为适当的方式刊登通告，促请该报告所指的失责人的债权人注意该事实。

A recognized clearing house shall, upon the completion by it of any default proceedings, make a report on such proceedings stating in respect of each defaulter , as the case may be,

认可结算所完成失责处理程序后，须就该等处理程序作出报告，就每位失责人按情况说明,

“In this Ordinance, unless the context otherwise requires--”“defaulter ”“ means a participant who is the subject of any default proceedings; ”“functions”“ includes duties and powers;”

在本条例中，除文意另有所指外,“失责人”(defaulter)指失责处理程序所针对的参与者;

on payment of such reasonable fee as the relevant office-holder or defaulter , as the case may be, determines, supply to the creditor all or any part of that report.

在该债权人缴交合理费用后，给予该债权人整份报告或该报告的任何部分;该合理费用由该有关人员或失责人(按情况而定)厘定。

All subsequent proceedings or other action taken under its rules for the purposes of the settlement of market contracts of which the defaulter concerned is a party shall be treated as done under the default rules of the clearing house notwithstanding that

则它为使有关失责者属合约一方的市场合约得以交收，而根据其规则所采取的所有随后的处理程序或其他行动，须视为根据该结算所的失责处理规则而作出

Then there is the historic example of serial defaulter Argentina.

而屡次拖欠债务的阿根廷则可以为鉴。

In other words, the Europeans would bail out one of their own, but it would not be fun for anyone, especially not for the defaulter .

换句话说，欧洲人会出手救助他们中的某个国家，但这对谁都不是好玩的事情，尤其是对违约国。

Until the late 1990s the biggest creditors, especially in Europe, were banks, which had first claim on a defaulter ’s assets.

直到20[font=宋体]世纪90[font=宋体]年代末，最大的贷款人（特别是在欧洲）一直是银行，对拖欠债务的企业有第一追索权。

defaulter of tax

欠税人