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Asset
An economic resource or item owned by a business that is expected to benefit its future operations.
Secured creditors
One of two general types of creditors of a company. Secured creditors have a lien on property of the company.
Substantive consolidation
The combination of the estate of one debtor with the estate of one or more other debtors and the application of the combined estate to satisfy their combined liabilities.
Insolvency
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.
Trustee
An agent of the court who manages the property of the debtor for the benefit of the creditors. The court appoints a trustee in most Chapter 7 cases and in Chapter 11 cases when it determines that the debtor's management should not remain in control.
Bankruptcy Court
The federal tribunal where cases under the Bankruptcy Code are litigated.
Chapter Twenty Two
An unofficial term describing a company that has filed for Chapter 11 twice.
Debtor
The entity seeking protection from creditors under the bankruptcy laws.
Voluntary bankruptcy
Bankruptcy filed by the debtor itself; data from the U.S. Administrative Office of the Courts subdivides bankruptcies into voluntary and involuntary.
Bankruptcy Amendments of 1984
A set of amendments to the Bankruptcy Reform Act of 1978. It contains a number of provisions including: limiting the jurisdiction of the bankruptcy court.
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