BANKRUPTCY LAW

bankruptcy law. 1.INSOLVENCY LAW. 2. Traditionally, a statute that provides some relief and protection to an insolvent debtor or to the debtor’s creditors. Cf. INSOLVENCY LAW.

3.BANKRUPTCY(2). BANKRUPTCY PLAN

bankruptcy plan.A detailed program of action formulated by a debtor or its creditors to govern the debtor’s rehabilitation, continued operation or liquidation, and payment of debts. • The bankruptcy court must approve the plan before it is implemented. — Often shortened to plan. —

Also termed plan of reorganization (for Chapter 11); plan of rehabilitation (for Chapter 13). See

ARRANGEMENT WITH CREDITORS. [Cases: Bankruptcy  3531–3570, 3704. C.J.S.

Bankruptcy §§ 381–411, 438.][Blacks Law 8th]