chapter eleven

Chapter 11

noun U.S. Law.
a section of the Bankruptcy Code that provides for the reorganization of an insolvent corporation under court supervision and can establish a schedule for the payment of debts and, in some cases, a new corporation that can continue to do business.
Also, Chapter Eleven, Chapter XI.
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World English Dictionary
chapter 11
 
n
(US) the statute regarding the reorganization of a failing business empowering a court to allow the debtors to remain in control of the business to attempt to save it: they are in chapter 11
 
[C20: from chapter 11 of the Bankruptcy Reform Act (1978)]

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