debtor in possession

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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: bankruptcy)

References in periodicals archive ?
Bankruptcy trustees and chapter 11 debtors in possession who are lessors under real property leases have the right under section 365 of the Bankruptcy Code to reject a tenant's lease.
Summary: Bankruptcy trustees and chapter 11 debtors in possession who are lessors under real property leases have the right under section 365 of the Bankruptcy .
Bankruptcy trustees and Chapter 11 debtors in possession of their indebted property would have to pay tax obligations in the course of the debtor's business.