bankruptcy plan

bankruptcy plan. A detailed program of action formulated by a debtor or its creditors to govern the debtor’s rehabilitation, continued operation or liquidation, and payment of debts. • The bankruptcy court must approve the plan before it is implemented. — Often shortened to plan. — Also termed plan of reorganization (for Chapter 11); plan of rehabilitation (for Chapter 13). See ARRANGEMENT WITH CREDITORS. [Cases: Bankruptcy 3531–3570, 3704. C.J.S. Bankruptcy §§ 381–411, 438.]

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词条贡献者

资深译员王漾，毕业于一所旨在培养高级翻译专业人才的翻译院校，擅长翻译各类与雇主商业秘密相关的法律文件。