Debtor in Bankruptcy The bankruptcy of the debtor is one of the major concerns of creditors as it becomes difficult to recover the unpaid debt in such a situation. There are three conditions to be fulfilled in order to declare bankrupt by the debtor: He is still running his business He has...
The meaning of DEBTOR is one guilty of neglect or violation of duty. How to use debtor in a sentence.
The meaning of DEBTOR IN POSSESSION is 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.
Debtor Definition and Legal Meaning On this page, you'll find the legal definition and meaning of Debtor, written in plain English, along with examples of how it is used. What is Debtor? A person or company owing debt is a debtor. In legal proceedings the party declaring bankruptcy is ...
Bankruptcy Cases has the meaning set forth in the Recitals. Bankruptcy means, with respect to any Person, if such Person (i) makes an assignment for the benefit of creditors, (ii) files a voluntary petition in bankruptcy, (iii) is adjudged a bankrupt or insolvent, or has entered against ...
restaurant example, the owners could eventually find a local investor willing to buy their building and rent it back to them. The funds from the sale might be used to pay off all their creditors and emerge from bankruptcy. The restaurant would then be back in business on a different basis....
One who owes a debt or the performance of an obligation to another, who is called the creditor; one who may be compelled to pay a claim or demand; anyone liable on a claim, whether due or to become due. InBankruptcylaw, a person who files a voluntary petition or person against whom ...
One who owes another anything, or is under obligation, arising from express agreement, implication of law, or principles of natural justice, to pay money or to fulfill some other obligation; in bankruptcy or similar proceedings, the person who is the subject of the proceeding. a person or ...
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:ba...
Debtor-in-Possession (DIP financing) funding provided to a company that has filed for chapter 11 bankruptcy protection from creditors.