Meaning of “bankruptcy protection” in the English Dictionary

business-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 bankrupt company (= one that owes more money than it can pay) must pay to those it owes money to:

It's the second time the company has sought bankruptcy protection in 25 months.
The Chicago-based business, already forced into Chapter 11 bankruptcy protection, 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)