| 单词 | BANKRUPTCY |
| 释义 | A state where a company is unable to meet its obligations and seeks the protection of the courts. The procedure may be based on VOLUNTARY or INVOLUNTARY and typically involves the filing of a bankruptcy petition. An AUTOMATIC STAY is invoked once the petition is filed, prohibiting lawsuits from being filed and creditors from liquidating COLLATERAL or attempting to recover sums owed; the stay remains in place until the debt is discharged or a repayment plan is accepted. In the United States bankruptcy may occur under Chapter 7 of the US Bankruptcy Code (LIQUIDATION), Chapter 11 (corporate REORGANIZATION), or Chapter 9 (municipal reorganization). See also DEBTORINPOSSESSION, RECEIVER, TRUSTEE. |
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