debtor in possession
Defined in 2 dictionaries — Case Law, U.S. Code
Definitions from Case Law
From 372 U.S. 633 - Wolf v. Weinstein · 1963Most cited · 470 citing opinions
The concept of leaving the Debtor in possession, as a 'receivership without a receiver,' was designed to obviate the need to appoint a trustee for the supervision of every small corporation undergoing reorganization, even though it appeared capable of carrying on the business during the proceeding.
United States Code
11 U.S.C. § 1101 — in this chapter
“debtor in possession” means debtor except when a person that has qualified under section 322 of this title is serving as trustee in the case;
11 U.S.C. § 1182 — in this subchapter (2 versions over time)
The term “debtor in possession” means the debtor, unless removed as debtor in possession under section 1185(a) of this title.