bankruptcy protection

bankruptcy protection
bankruptcy protection bankruptcy protection protection

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bankruptcy protection UK US noun [U] (also bankruptcy-law protection)
LAW, FINANCE laws that limit the amount of money a bankrupt company (= one that owes more money than it can pay) must pay to those it owes money to: »

The firm filed for bankruptcy protection after a massive accounting scandal.

»

We have filed for bankruptcy protection from creditors.

»

It's the second time the company has sought bankruptcy protection in 25 months.

»

The Chicago-based business, already forced into Chapter 11 bankruptcy protection, said that a complete collapse is now a ""distinct possibility"".

See also CHAPTER 11(Cf. ↑Chapter 11)

Financial and business terms. 2012.


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