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 ?
He has extensive experience in representing secured and unsecured creditors, debtors and debtors-in-possession and chapter 7 and 11 trustees in complex bankruptcy cases.
Debtors-in-possession sometimes think they control their destiny and that creditors will accede to their every demand or whim.
These decisions should force many or most bankruptcy courts to enforce the two-year rule against debtors-in-possession.