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chapter 7

noun

  1. the statute regarding liquidation proceedings that empowers a court to appoint a trustee to operate a failing business to prevent further loss
“Collins English Dictionary — Complete & Unabridged” 2012 Digital Edition © William Collins Sons & Co. Ltd. 1979, 1986 © HarperCollins Publishers 1998, 2000, 2003, 2005, 2006, 2007, 2009, 2012


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Word History and Origins

Origin of chapter 71

C20: from chapter 7 of the Bankruptcy Reform Act (1978)
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Example Sentences

But El Aviso hasn’t published since November; in January, its parent company declared Chapter 7 bankruptcy.

After playing their first gig in a Foyles bookshop, they released their debut EP, Chapter 7, in 2016, and a debut album, You Can't Steal My Joy in 2019.

From BBC

AllHere is now in Chapter 7 bankruptcy, its employees have been laid off, and the company is under the control of a court-appointed bankruptcy trustee, according to the U.S. attorney’s office.

That was important to Fisker, the National Highway Traffic Safety Administration and car owners, who filed objections to converting the bankruptcy to Chapter 7, noting the startup’s only vehicle — a premium SUV called the Ocean — has several open recalls for faulty door handles, loss of power and other problems.

The settlement came after discussions among Fisker and its secured and unsecured creditors following a dispute over whether to convert the case to a Chapter 7 liquidation run by a trustee.

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Chapter 11chapter and verse