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bankruptcy protection UK US noun [U] (also bankruptcy-law protection)
► LAW, FINANCE laws that limit the amount of money a bankrupt company (= one that owes more money than it can pay) must pay to those it owes money to: »
The firm filed for bankruptcy protection after a massive accounting scandal.
»We have filed for bankruptcy protection from creditors.
»It's the second time the company has sought bankruptcy protection in 25 months.
»The Chicago-based business, already forced into Chapter 11 bankruptcy protection, said that a complete collapse is now a ""distinct possibility"".
Financial and business terms. 2012.