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Today's Terms
Set-off
Definition:
The ability to discharge or reduce a debt by applying a counter claim between the same parties.
Debtor-in-possession
Definition:
The debtor which remains in control of operations; as opposed to having a trustee operate the company.
Chapter Nine
Definition:
Bankruptcies of municipalities; only a few of these are filed each year; over the period 1980 through 1988 there averaged about 4 Chapter 9 filings per year.
More Bankruptcy Terms >
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