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Today's Terms
Debtor-in-possession
Definition:
The debtor which remains in control of operations; as opposed to having a trustee operate the company.
Chapter Seven
Definition:
Liquidation proceedings; generally assets are sold by a trustee and the company ceases operation. (Individuals may file Chapter 7 also.)
Bankruptcy Court
Definition:
The federal tribunal where cases under the Bankruptcy Code are litigated.
More Bankruptcy Terms >
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