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1. The chapter of US bankruptcy law by which insolvent businesses may reorganize under court supervision without ceasing business activity or liquidating their assets.
2. The condition in which a business may continue to operate in accordance with this law.
American Heritage® Dictionary of the English Language, Fifth Edition. Copyright © 2016 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.
(Law) US the statute regarding the reorganization of a failing business empowering a court to allow the debtors to remain in control of the business to attempt to save it: they are in chapter 11.
[C20: from chapter 11 of the Bankruptcy Reform Act (1978)]
Collins English Dictionary – Complete and Unabridged, 12th Edition 2014 © HarperCollins Publishers 1991, 1994, 1998, 2000, 2003, 2006, 2007, 2009, 2011, 2014
or Chapter XI,
a section of the U.S. Bankruptcy Code that provides for the reorganization of an insolvent corporation under court supervision.
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