Definition of Chapter 11 in English:

Chapter 11

noun

US
  • Protection from creditors given to a company in financial difficulties for a limited period to allow it to reorganize.

    • ‘I suddenly realized I was about to make the same mistake that had led me into Chapter 11.’
    • ‘A few months later, it filed for Chapter 11 and moved its base of operations to Colorado.’
    • ‘Often companies wait too long to file for Chapter 11, because most managers see it as a failure.’
    • ‘But worries about the high cost of bankruptcy have kept some companies out of Chapter 11.’
    • ‘Chapter 11 is solely evidence that management made wrong investment decisions.’

Origin

With allusion to Chapter 11 of the US bankruptcy code.