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Meaning of “bankruptcy protection” in the English Dictionary

"bankruptcy protection" in Business English

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bankruptcy protectionnoun [U]

uk   us   (also bankruptcy-law protection)
LAW, FINANCE laws that ​limit the ​amount of ​money a bankruptcompany (= one that ​owes more ​money than it can ​pay) must ​pay to those it ​owesmoney to: The ​firm filed for ​bankruptcyprotection after a ​massiveaccountingscandal. We have ​filed for bankruptcyprotection from ​creditors. It's the second ​time the ​company has soughtbankruptcyprotection in 25 months. The Chicago-based ​business, already ​forced into Chapter 11 ​bankruptcyprotection, said that a complete ​collapse is now a "distinct possibility".
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(Definition of bankruptcy protection from the Cambridge Business English Dictionary © Cambridge University Press)
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