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Automatic Stay

   Also found in: Wikipedia 0.07 sec.
Automatic Stay
A provision under the U.S. Bankruptcy Code prohibiting creditors from beginning or continuing proceedings for collecting owed amounts from a firm who files for bankruptcy under Chapter 11.

Notes:
An automatic stay can only be lifted by the bankruptcy judge.

Automatic stay
The restricting of liability holders from collection efforts related to collateral seizure. Automatically imposed when a firm files for bankruptcy under Chapter 11.
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On the commencement of a bankruptcy action, an automatic stay arises by operation of law.
Automatic stay forbids commencement of tax court case by Cassel, Thomas H., III / The Tax Adviser
Because the automatic stay and injunctive powers accrue upon the insurer entering receivership, such option should be exercisable upon a pre-receivership event, such as a significant rating downgrade or suspension, a predetermined inadequacy of the insurer's risk-based capital, a predetermined ratio of the insurer's loss and loss adjustment expense reserves, or other action falling short of receivership.
4 ways to Save an IP license: companies must protect their rights to ... by Rosenblatt, William W. / Best's Review
Any relief obtained may be reduced as a result of the new limitations on the automatic stay and failure to maintain financial reporting compliance by debtors will lead to dismissal of their case, a loss of debt relief and termination of the automatic stay.
Good advice (Bankruptcy Abuse Prevention & Consumer Protection Act of ... by Crom, Jay / California CPA
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