debtor in possession


debtor in possession
debtor in possession: a debtor who remains in possession of an estate during chapter 11 or 12 bankruptcy and has the same duties as a trustee in bankruptcy

Merriam-Webster’s Dictionary of Law. . 1996.

debtor in possession
A business that has filed for Chapter 11 bankruptcy and is allowed to continue operating during the bankruptcy process.
Category: Bankruptcy, Foreclosure & Debt → Bankruptcy

Nolo’s Plain-English Law Dictionary. . 2009.

debtor in possession
n.
   in bankruptcy proceedings when a debtor has filed for the right to submit a plan for reorganization or refinancing under Chapter 11, and the debtor is allowed to continue to manage his/her/its business without an appointed trustee, that debtor is called a "debtor in possession."
   See also: bankruptcy

Law dictionary. . 2013.

Look at other dictionaries:

  • debtor in possession — (debtor in possession (DIP)) A debtor in possession occurs only in a Chapter 11 case. The debtor is presumed to remain in possession of its assets and business operation, with most of the powers and duties of a trustee. also see trustee,… …   Glossary of Bankruptcy

  • debtor-in-possession — (debtor in possession (DIP)) A debtor in possession occurs only in a Chapter 11 case. The debtor is presumed to remain in possession of its assets and business operation, with most of the powers and duties of a trustee. also see trustee,… …   Glossary of Bankruptcy

  • debtor-in-possession — (DIP) USA The debtor in a Chapter 11 case who remains in possession and control of its assets and business operations, unless replaced by a Chapter 11 trustee. Practical Law Dictionary. Glossary of UK, US and international legal terms.… …   Law dictionary

  • Debtor in possession — Bankruptcy in the United States Bankruptcy in the United States Authority · History U.S. Trustee Court  …   Wikipedia

  • debtor in possession — In some bankruptcy proceedings, the debtor, rather than a trustee, may continue to operate the business. The debtor in possession is the same person or company that controlled the business prior to the bankruptcy, however, the debtor in… …   Financial and business terms

  • debtor-in-possession — In some bankruptcy proceedings, the debtor, rather than a trustee, may continue to operate the business. The debtor in possession is the same person or company that controlled the business prior to the bankruptcy, however, the debtor in… …   Financial and business terms

  • debtor in possession — The term applied to a debtor who continues in possession while proceedings are had in the bankruptcy court to perfect a reorganization or arrangement whereby his financial affairs may be rehabilitated …   Ballentine's law dictionary

  • debtor in possession —    In bankruptcy proceedings, a debtor who has filed for the right to submit a plan for reorganization or refinancing under Chapter 11, and is allowed to continue to manage her or his business without an appointed trustee …   Business law dictionary

  • debtor in possession — noun 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… …   Wiktionary

  • Debtor in possession — A firm that is continuing to operate under Chapter 11 bankruptcy process. The New York Times Financial Glossary …   Financial and business terms


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