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English definition of “bankruptcy protection”

bankruptcy protection

noun [U]
 
 
(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: The firm filed for bankruptcy protection after a massive accounting scandal. We have filed for bankruptcy protection from creditors. 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". → See also Chapter 11
(Definition of bankruptcy protection from the Cambridge Business English Dictionary © Cambridge University Press)
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