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Today's Terms
Debtor
Definition:
The entity seeking protection from creditors under the bankruptcy laws.
Adversary proceeding
Definition:
Litigation within a bankruptcy proceeding instituted by the filing of a complaint.
Insolvency
Definition:
Another term used to describe a firm that is failing; generally it means that a firm's liabilities exceed its assets or that it is unable to satisfy its obligations as they come due.
More Bankruptcy Terms >
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