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LSDefine

Simple English definitions for legal terms

DIP

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A quick definition of DIP:

Term: DIP

Definition: DIP stands for Debtor-In-Possession. This means that when a company files for bankruptcy, they are still allowed to continue operating their business while they restructure their finances. The company becomes the Debtor-In-Possession and is responsible for managing their own assets and debts during this time.

A more thorough explanation:

DIP

DIP stands for Debtor-In-Possession.

When a company files for bankruptcy, it becomes a debtor. The Debtor-In-Possession is the company that is still in control of its assets and operations during the bankruptcy process. This means that the company is responsible for managing its own affairs and making decisions about how to restructure its debts and operations.

One example of a DIP is a company that has filed for Chapter 11 bankruptcy. In this case, the company is still in control of its assets and operations, but it must follow certain rules and regulations set forth by the bankruptcy court.

Another example of a DIP is a company that has filed for Chapter 7 bankruptcy. In this case, the company is still in control of its assets and operations until a trustee is appointed to liquidate its assets and distribute the proceeds to its creditors.

These examples illustrate how a company can still be in control of its assets and operations during the bankruptcy process, even though it is considered a debtor.

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Dkk
12:02
Just part of the culture.
BulbasaurNoLikeCardio
12:04
I wish that wearing a mask when sick stuck around as an okay thing like it is in the rest of the world, not all of us have enough sick days to be ditching work.
Dkk
12:04
Unless its like an N95 i dont think it will really do anything
12:04
there's even a mask ban in some places. altho one of my coworkers wears a mask anyway despite customers being rude to her about it
12:05
good morning
12:05
why does umiami ask "Are you applying, or have you applied, to other law schools? If so, please list them."
BulbasaurNoLikeCardio
12:05
One manager came in sick wearing a mask, got roasted and stopped wearing it that day. The entire office has been cycling sickness for two weeks now. It may not be super effective but it may help in slowing the spread during meetings when we have to be so close
12:05
am i the only one who has never gotten my status checker to work on here?
BulbasaurNoLikeCardio
12:06
@ChowieBean: want to see what schools they share an applicant pool with, think it is all data harvesting stuff no a +/- for the applicant
12:06
ok good cuz idk whether i wanna tell them or not
12:06
thanks bulbasaur
12:08
not to be that guy again but berkeley person/applicant id is back and Shiny New Logo
be that guy
EW THE NEW LOGO IS SO UGLY
WTF
12:09
need to send in my berkeley app rawwwww
BulbasaurNoLikeCardio
12:09
@ChowieBean: should be required to tell them, the schools who asked I only told them the schools in their area not all of them.
BulbasaurNoLikeCardio
12:10
*shouldnt be
12:12
@jackfrost11770: if i get a berk A today and they have that logo im withdrawing (/s /s /s /j /j /j)
babycat
12:12
@ChowieBean: me too lol. you applying to public interest scholars program?
12:14
yes def applying public interest
12:16
i was raised like blocks away from umiami
12:16
idk if i wanna go back to florida tho so im applying there as safety/target 💀
12:25
@ChowieBean: doing the same thing
Does anyone think au gonna get back to us today
My app was complete Oct 11
If yes what time
Dkk
12:29
Sure, yes! 11:22:24 PST
ClassyPleasantHeron
12:30
I wonder if Berk was updating their system so that they could watch more video.
1a2b3c4d26z
12:41
They updated it so they could watch my video one trillion times
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