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Today's Terms
Adequate protection
Definition:
The right of a party with an interest in the debtor's property (such as a secured creditor) to assurance that its interest will not be diminished during the bankruptcy proceedings.
Default
Definition:
The failure by an entity to abide by the covenants in a debt obligation or other agreement to which it is a party. The most common default is non-payment of interest or principal.
Disclosure statement
Definition:
A comprehensive disclosure document sent to creditors when they are asked to vote on a plan of reorganization in Chapter 11.
More Bankruptcy Terms >
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