bankruptcy protection
noun [ U ]
ukus(also bankruptcy-law protection) LAW, FINANCE
laws that limit the amount of money a bankrupt company (= one that owes more money than it can pay) must pay to those it owes money to:
The firm filed for bankruptcy protection after a massive accounting scandal.
We have filed for bankruptcy protection from creditors.
It's the second time the company has sought bankruptcy protection in 25 months.
The Chicago-based business, already forced into Chapter 11 bankruptcy protection, said that a complete collapse is now a "distinct possibility".
See also
Chapter 11