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English definition of “Chapter 11”

Chapter 11

noun [U]
 
 
LAW, FINANCE a part of the US law dealing with bankruptcy which protects companies from their creditors (= the people they owe money to) by allowing them extra time to improve their business before they have to pay back their debts: The company filed for Chapter 11 bankruptcy protection after suppliers stopped shipments to its stores.
(Definition of Chapter 11 from the Cambridge Business English Dictionary © Cambridge University Press)
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