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

译员Max，毕业于欧洲一流的法学院，专注翻译各种与通用数据保护条例 (GDPR)有关的法律文件。