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.
Fabian & Clendenin
Debtors-in-possession sometimes think they control their destiny and that creditors will accede to their every demand or whim.
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These decisions should force many or most bankruptcy courts to enforce the two-year rule against debtors-in-possession.
The statute of limitations in bankruptcy cases: higher courts come to the rescue
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