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Today's Terms
Asset
Definition:
An economic resource or item owned by a business that is expected to benefit its future operations.
Trustee
Definition:
An agent of the court who manages the property of the debtor for the benefit of the creditors. The court appoints a trustee in most Chapter 7 cases and in Chapter 11 cases when it determines that the debtor's management should not remain in control.
Substantive consolidation
Definition:
The combination of the estate of one debtor with the estate of one or more other debtors and the application of the combined estate to satisfy their combined liabilities.
More Bankruptcy Terms >
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