Bankruptcy Code

Bankruptcy is a legal declaration that allows some debtors to discharge their unsecured debts. The text of this statute is provided as general information to the public. It may be amended, revised, or rescinded at any time without notice. This information is not intended to be legal advice. For more information, please see our disclaimer.

11 U.S.C. § 1101. Definitions for this chapter

In this chapter [11 USCS §§ 1101 et seq.]--
(1) "debtor in possession" means debtor except when a person that has qualified under section 322 of this title [11 USCS § 322] is serving as trustee in the case;
(2) "substantial consummation" means--
(A) transfer of all or substantially all of the property proposed by the plan to be transferred;
(B) assumption by the debtor or by the successor to the debtor under the plan of the business or of the management of all or substantially all of the property dealt with by the plan; and
(C) commencement of distribution under the plan.