(finance, legal, US) A natural person or corporation that has filed a bankruptcy petition, but remains in possession of property upon which a creditor has a lien or similar security interest.
(finance, legal, US) A natural person or corporation that has filed a bankruptcy petition, but remains in possession of property upon which a creditor has a lien or similar security interest. Such a business may continue to operate its business under Chapter 11 bankruptcy protection.
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(US, finance, law) A type of bankruptcy code that governs the process of liquidation under the bankruptcy laws of the United States, conferring protection from creditors.
(finance, of a person, company, etc.) In a condition of bankruptcy; unable to pay outstanding debts or meet financial obligations; specifically, having been legally declared insolvent.
An American financial idiom meaning to file for Chapter 11 bankruptcy protection — the form of US bankruptcy law that allows businesses to restructure their debts while continuing operations, rather than liquidating entirely. Used in business journalism and financial conversations as shorthand for the restructuring process.
(legal) The decision upon the question of whether the debtor is a bankrupt.