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Cash collateral
Cash and cash equivalents held by the debtor in Chapter 11 subject to liens of other parties.
Insolvency
Another term used to describe a firm that is failing; generally it means that a firm's liabilities exceed its assets or that it is unable to satisfy its obligations as they come due.
Chapter Thirteen
Bankruptcy proceedings for an individual with the intention of rescheduling the individual's debt (rather than liquidating the individual's assets and debt; an individual files under Chapter 7 to liquidate);
Skeleton filing
Term used at bankruptcy courts to describe a bankruptcy filing in which not all the necessary forms have been filed. Certain courts allow a case to commence if only certain important forms are filed so long as the balance of required forms are forthcoming within a certain period of time.
Trustee
An agent of the court who manages the property of the debtor for the benefit of the creditors. The court appoints a trustee in most Chapter 7 cases and in Chapter 11 cases when it determines that the debtor's management should not remain in control.
Straight bankruptcy
An informal term for a Chapter 7 bankruptcy or liquidation; used more commonly to describe liquidation before the Bankruptcy Reform Act of 1978.
Adversary proceeding
Litigation within a bankruptcy proceeding instituted by the filing of a complaint.
Debtor-in-possession
The debtor which remains in control of operations; as opposed to having a trustee operate the company.
Secured creditors
One of two general types of creditors of a company. Secured creditors have a lien on property of the company.
Debtor
The entity seeking protection from creditors under the bankruptcy laws.
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