automatic stay

Bankruptcy. A bar to all judicial and extrajudicial collection efforts against the debtor or the debtor’s property.

• The policy behind the automatic stay, which is effective upon the filing of the bankruptcy petition, is that all actions against the debtor should be halted pending the determination of creditors’ rights and the orderly administration of the debtor’s assets free from creditor interference.

— Also termed automatic suspension. [Cases: Bankruptcy 2391–2404. C.J.S. Bankruptcy §§ 65–79.]

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词条贡献者

资深译员Gianluca，毕业于亚洲顶尖的高级翻译学院，专注翻译各种与清洁与可再生能源有关的法律文件。