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Today's Terms
Adversary proceeding
Definition:
Litigation within a bankruptcy proceeding instituted by the filing of a complaint.
Chapter Seven
Definition:
Liquidation proceedings; generally assets are sold by a trustee and the company ceases operation. (Individuals may file Chapter 7 also.)
Chapter Thirty Three
Definition:
An unofficial term describing a company that has filed for Chapter 11 three times.
More Bankruptcy Terms >
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