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Today's Terms
Default
Definition:
The failure by an entity to abide by the covenants in a debt obligation or other agreement to which it is a party. The most common default is non-payment of interest or principal.
Asset
Definition:
An economic resource or item owned by a business that is expected to benefit its future operations.
Petition
Definition:
The document that commences a bankruptcy proceeding. plan of reorganization - the document setting forth how a bankrupt company plans to satisfy its creditors.
More Bankruptcy Terms >
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