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Automatic Stay |
Also found in: Wikipedia | 0.26 sec. |
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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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? Mentioned in | ? References in periodicals archive | |
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| On the commencement of a bankruptcy action, an automatic stay arises by operation of law. 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. 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. |
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Automatic Stay