automatic stay

automatic stay
An injunction that automatically becomes effective upon the filing of any bankruptcy proceeding. The stay precludes creditors from taking action against the debtor or the debtor's property. In Chapter 12 or 13 bankruptcy proceedings, the automatic stay also applies to co-obligors and guarantors. American Banker Glossary
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The restricting of liability holders from collection efforts related to collateral seizure. Automatically imposed when a firm files for bankruptcy under Chapter 11. Bloomberg Financial Dictionary

Financial and business terms. 2012.

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  • automatic stay — n: a stay that comes into operation upon the filing of a bankruptcy petition in accordance with bankruptcy law that prevents creditors from attempting to collect from the debtor for debts incurred before the filing Merriam Webster’s Dictionary of …   Law dictionary

  • automatic stay — the suspension of actions, such as debt collection or foreclosure, against the company in bankruptcy. This occurs automatically when a bankruptcy petition is filed. This action protects the debtor from creditors seeking to seize its assets. It… …   Glossary of Bankruptcy

  • Automatic stay — In bankruptcy law, an automatic stay is an automatic injunction which halts actions by creditors, with certain exceptions, to collect debts from a debtor who has declared bankruptcy. Under section 362 of the United States Bankruptcy Code,… …   Wikipedia

  • 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. An automatic stay can only be lifted by the bankruptcy… …   Investment dictionary

  • automatic stay — Immediately upon the filing of a voluntary petition under the Bankruptcy Code a stay arises which generally bars all debt collection efforts against the debtor or property of his bankruptcy estate although the collection of postpetition debts… …   Black's law dictionary

  • automatic stay — Immediately upon the filing of a voluntary petition under the Bankruptcy Code a stay arises which generally bars all debt collection efforts against the debtor or property of his bankruptcy estate although the collection of postpetition debts… …   Black's law dictionary

  • Automatic stay — The restricting of liability holders from collection efforts of collateral seizure, which is automatically imposed when a firm files for bankruptcy under Chapter 11. The New York Times Financial Glossary …   Financial and business terms

  • motion to lift automatic stay — a request by a creditor to allow the creditor to take an action against a debtor or the debtor s property that would otherwise be prohibited by the automatic stay (Glossary of Common Bankruptcy Terms) United Glossary of Bankruptcy Terms 2012 …   Glossary of Bankruptcy

  • motion to lift the automatic stay — A request by a creditor to allow the creditor to take an action against a debtor or the debtor s property that would otherwise be prohibited by the automatic stay. (BankruptcyAction.com) United Glossary of Bankruptcy Terms 2012 …   Glossary of Bankruptcy

  • relief from the Automatic Stay — A Bankruptcy Court order authorizing a creditor to proceed with certain collection efforts (SA Bankruptcy.com) United Glossary of Bankruptcy Terms 2012 …   Glossary of Bankruptcy

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