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The Book of Jargon®Restructuring & Special Situations

An interactive glossary of acronyms, slang, and industry terminology.

The Book of Jargon® – Restructuring & Special Situations is one in a series of practice area and industry-specific glossaries published by Latham & Watkins.

The definitions provide an introduction to each term and may raise complex legal issues on which specific legal advice is required. The terms are also subject to change as applicable laws and customary practice evolve.

As a general matter, The Book of Jargon® – Restructuring & Special Situations is (as the name suggests) drafted from a global perspective covering jurisdictions around the world, including countries where Latham does not currently have an office.   

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The information contained herein is not legal advice and should not be construed as such. 

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“Nothing to see here”,“Redressement Judiciaire”,“Related-to” Jurisdiction,“X” Clause,105 Injunction,1111(b) Election,1145,2004 Exam,2019 Statement,21 Day Rule,3(a)(10),341 Meeting,363 Sale,365(n),382,502(b)(6) Cap,503(b)(9) Claim,506(c) Surcharge,510(b) Claim,Abandonment,ABC,Absolute Priority Rule,Abstention,Abusiva Concessione del Credito,Accelerated Financial Safeguard,Acceleration,Accord Amiable,Accordo di Ristrutturazione,Ackord,Acreedores con Garantía Real,Acreedores Reconocidos,Actio Pauliana,Acto en Fraude de Acreedores,Acuerdo de Refinanciación,Ad Hoc Committee,Additional Assistance,Adequate Assurance of Future Performance,Adequate Assurance of Payment,Adequate Protection,Adjusted EBITDA,Administrador Concursal,Administration,Administrative Agent,Administrative Claim or Administrative Expense Claim,Administrative Convenience Claim,Administrative Manager,Administrative Priority,Administrative Receivership,Administrativniy Upravlyaushiy,Administrator,Adversary Proceeding,Affiliate,Affiliate Rule,Affirmative Covenant,Afkoelingsperiode,After Notice and a Hearing,Akkoord,Alix Protocol,Allowed Claim,Amend and Extend,Amend and Pretend,Amendment,Amministrazione Straordinaria,Ancillary Proceeding or Case,Antecedent Debt,Anti-Cookson Clause,Anti-deprivation Principle,Anti-layering Covenant,Appeal,Application,Arbitrage,Arbitration Administrator,Arbitrazh Courts,Arbitrazhniy Upravlyaushiy,Article 180,Article 395 Interest,Article 9,Article I Judge,Article III Judge,Assemblée des Obligataires,Asset Stripping,Asset-backed Security,Assignment,Assignment for the Benefit of Creditor,Assignment in Bankruptcy,Assumption,Auction,Automatic Stay,Avoidable Transactions,Avoidance Action,Badges of Fraud,BAFJA,Bagel,Balance Sheet Insolvency,Balance Sheet Insolvent,Balance Sheet Test,Ballot,Bancarotta Fraudolenta,Bancarotta Semplice,Bank Bail-in,Bankrupt,Bankruptcy,Bankruptcy and Insolvency Act,Bankruptcy Appellate Panel or BAP,Bankruptcy Avoidance Regulations,Bankruptcy Code,Bankruptcy Crime,Bankruptcy Judge,Bankruptcy Jurisdiction,Bankruptcy Order,Bankruptcy Power,Bankruptcy Preparer,Bankruptcy Register (the Unified Federal Register of Information on Bankruptcy),Bankruptcy Remote Vehicle,Bankruptcy Rules,BAPCA,Bar Date,Bar Date Order,Basis Trader,BBA,Beauty Contest,Best Interests of Creditors,Betalingsstandsning,Bewindvoerder,BIA,BIA Distribution Scheme,Bid/Offer Spread,Big Boy Letter,BISO,Blocked Account,Board Observer Rights,Board of Directors,Board of Grievances,Bona Fide Purchaser,Bondholders’ Committee,Borrower,Breakup Fee,Bridge Order,Brønnøysundregistrerne,Budget,Buitengerechtelijk Akkoord,Bullet Maturity,Business Judgment Rule,Business MAC,Business Rescue Procedure,Buy Back,C-3PO,Call,Callable,Canada Business Corporations Act,Canadian Reorganisation Regimes,Carve-out,Cases Under Title 11,Cash Collateral,Cash Flow Insolvent,Cash Flow Test,Cash Sweep,Cash-Flow Statement,CBCA,CBIR,CBO,CCAA,CCAA Claims Process,CCAA Plan,CCAA Stay,CDO,CDS,Centre of Main Interests,CEO,Cessation des Paiements,Cessation of Payments,Change of Control,Channeling Injunction,Chapter 11,Chapter 11 Trustee,Chapter 12,Chapter 12 Trustee,Chapter 13,Chapter 13 Trustee,Chapter 15,Chapter 22,Chapter 33,Chapter 5 Cause of Action,Chapter 7,Chapter 7 Trustee,Chapter 9,Charge,Chargee,Chargor,Cherry Picking,Chief Executive Officer,Chief Restructuring Officer,Chinese Wall,CINET,Circuit,Circuit Court,Claim,Claim Agent,Claim Estimation,Claim Objection,Claim Register,Claims Process Order,Claims Trading,Class,Clawback,Cleansing,CM/ECF,CMBS,Codebtor,Codebtor Stay,Collateral,Collateral Act,Collateral Agent,Come-Back Clause,Comfort Order,COMI,COMI Shift,Comity,Commercial Mortgage Regulations,Commissaire,Commissario Giudiziale,Commissario Liquidatore,Commissario Straordinario,Companies House,Companies Regs,Companies’ Creditors Arrangement Act,Company MAC,Company Voluntary Arrangement,Compulsory Court Liquidation,Conciliation Proceedings,Concordat Préventif de Faillite,Concordato Fallimentare,Concordato Preventivo,Concurso Culpable,Concurso Mercantil con Plan de Reestructura Previo,Confidentiality Agreement or CA,Confirmation,Confirmation Hearing,Confirmation Order,Confirmed Plan,Conflicts Check,Conflicts Counsel,Conservatoir Beslag,Consumer Privacy Ombudsman,Contested Matter,Contingent Claim,Contractual Subordination,Controlling Entity,Convenio Anticipado,Convenio de Conciliación,Conversion,Convert,Coordinating Committee or CoCom,Coordinator,Core Business,Core Proceeding,Corporate Benefit,Court Liquidation,Cramdown,Cramup,Créancier Privilégié,Créancier Titulaire d’une Sûreté,Créancier Titulaire d’une Sûreté Conventionelle,Créancier Titulaire d’une Sûreté Judiciaire,Credit Bid,Credit Crunch,Credit Default Swap,Credit Enhancement,Crediti Prededucibili,Creditor,Creditors Voluntary Liquidation,Creditors’ Committee,Critical Vendors,CRO,Cross Acceleration,Cross Default,Cross Dressing,Cross-Border Insolvency Regulations (Northern Ireland) 2007,Cross-Border Insolvency Regulations 2006,Cross-collateralisation,Crystallisation,Curator/Curateur,Curatore Fallimentare,Cure,CVA,CVL,D&O Policy,Date of the Initial Bankruptcy Event,De Novo Review,Death Trap,Debenture,Debt Capacity,Debt for Equity,Debtor,Debtor in Possession,Declaration,Declared Default,Decree 57 / D57,Decree 57 Tribunal,Deemed Trust,Default,Default Interest,Defaulting Lender,Deficiency Claim,Delay and Pray,Derivative Claim,Desequilibrio Patrimonial,Designation,Desktop Valuation,DIFC,DIFC Insolvency Law, DIFC Law No. 7 of 2004,Dinero Fresco,DIP,DIP Financing,DIP Lender,Direct Claim,Directions Hearing,Discharge,Discharge Injunction,Disclaimer,Disclosure Statement,Disinterested Person,Dismissal,Disputed Claim,Distressed BISO,Distressed Debt,Distressed Trade Confirm,Distribution Record Date,Distribution Scheme,District Court,Docket,Doctrine of Necessity,Domicile,Double Dip,Double Luxco Structure,Droit de Rétention,EBIT or EBITDA,EBITDAR,Ebranlement du Crédit,EFC — Eligible Financial Contract,Effective Date,Effective Subordination,EIB,Eigentumsvorbehalt,Enforcement Agent,Enforcement Procedure,Engagement Letter,Enterprise COMI,Enterprise Group,Equitable Mootness,Equitable Subordination,Equitable Test,Equitisation,Equity Committee,Equity Cure,Equity Cushion,Equity Security,Equity Security Holder,Erhvervs– og Selskabsstyrelsen,Esdebitazione,Esperto,Establishment,Estate,Estate Board,Etapa de Conciliación,Etapa de Quiebra,Ethical Wall,EU Insolvency Regulation,Event of Default,Ex Parte,Examination (or Examinership),Examiner,Exceptions to Discharge,Exchange Offer,Exclusivity,Exclusivity Period,Executory Contract,Exemptions,Exit Financing,Extend and Pretend,Extended Administration Plan,Extended Exclusive Period,Extended Retention of Title,External Administration,External Administrator,External Administrator or Arbitration Administrator,FA,Faillissement,Faillissementswet,Faillite,Fallen Angel,Fallimento,Faqih,Fatwa,Feasibility Test,Fecha de Retrotracción,Fee Application,Fiduciary Duty,Fiduciary Out,Filing Date,Final Decree,Final Fee Application,Final Order,Financial Accommodation,Financial Advisor,Financial Rehabilitation,Financial Rehabilitation Administrator,Financing Statement,Finansiell Restrukturering,First Lien,First Meeting of Creditors,First-day Hearing,First-day Motion,Fixed Charges,Flip Clause,Floating Charge,FOGASA,Fondo de Garantía Salarial,Forbearance,Forbearance Agreement,Foreign Main Proceeding,Foreign Non-main Proceeding,Foreign Proceeding,Foreign Representative,Företagsrekonstruktion,Företagsrekonstruktör,Forum Shopping,Fraudulent Conveyance,Fraudulent Trading,Fraudulent Transfer,Free and Clear,Free Fall Bankruptcy,Frivillig Akkord,Frivillig Gjeldsforhandling,Frjálsir Nauðasamningar,Fulcrum Creditors,Fulcrum Security,Funded Sub-participation,Gap Creditors,Gap Period,Gedelegeerd Rechter,Gerechtelijke Reorganisatie,Gestion Contrôlée,Gift Plan,Giudice Delegato,Gjaldþrotaskipti,Gjeldsforhandling or Offentlig Gjeldsforhandling,Gjeldsnemnd,Gjeldsnemnsleder,Going-Concern Prognosis,Going-Concern Value,Good Faith Lender,Good Faith Purchaser,Gornisht,Governmental Unit,Graduación de Créditos,Greiðslustöðvun,Guarantee,Guarantor,Half a Turn,Hanafi Fekh,Hardening Period,Hawalah,Head Office,High Yield Bond,Holdco Debt,Holdco Guarantor,Holding Company or Holdco,Hondle,IBLOR,IBM,IFECOM (Federal Institute of Business Reorganisation Specialists,Impaired,In the Money,Incidente Concursal,Indenture,Indenture Trustee,Independent Director,Indubitable Equivalent,Information Circular,Inherent Jurisdiction,Initial Exclusive Period,Initial Order,Insider,Insolvency,Insolvency Plan,Insolvent,Insolvent,Insolvent Person,Insolvenzplan,Inspector,Instructing Group,Insufficiency of Assets,Intercreditor Agreement,Interest,Interested Persons,Interim Administrator,Interim Compensation,Interim Fee Application,Interim Order,Interlocutory,Involuntary Petition,Ipso Facto,Italian Insolvency Law,Jay Alix Protocol,Joint Administration,Joint and Several Liability,Joint Case,Judicial Composition,Juge-Commissaire,Juge-Délégué,Junior Debt,Junk Bond,Jury Trial,Juzgado Concursal (Mexican Insolvency Court),KEIP,KERP,Kinut’ (verb) (literally — to throw someone),Kitchen-sinking,Knudsen Order,Konkurs,Konkursförvaltare,Konkurslagen (1987:672),Konkursniy Upravlyaushiy,Konkursnoye Proizvodstvo,Konkursradet,Kreditorutvalg/Bostyre,Kronofogdemyndigheten,KSA or The Kingdom,Lag om Företagsrekonstruktion,Lender in Possession,Lender Liability,Ley Concursal,Ley de Concursos Mercantiles,Lien,Lien Subordination,Liens Covenant,Likvidation,Limited Jurisdiction,Liquidated Claim,Liquidation,Liquidation Analysis,Liquidation Committee,Liquidation Judiciaire,Liquidazione Coatta Amministrativa,Liquidity Crisis,Listado Clasificación de Creditos,Loan to Own,Local Rules,Lockup,Lock-up Agreement,Look-See,LSTA Distressed Trade Confirmation,Lumping,Luxco,MAC,Main Proceedings,Majority Lenders,Make-Whole,Manager,Mandataire ad hoc proceedings,Mandatory Subordination,Market MAC,Market Testing,Mark-to-Market,Marshalling,Marzano Law,Material Adverse Change,Material Adverse Effect,Material Non-public Information,Mediador,Meeting Order,Members Voluntary Liquidation,Mexican Pre-pack Proceeding,Minnelijk Akkoord,Minsky Moment,MIP,Mirovoye Soglasheniye,MNPI,Model Law,Modified Universalism,Monitor,Monte Carlo Simulation,Monthly Operating Reports or MORs,Moratorium,Motion,Mudaraba,Mudarib,Mufti,Municipality,Murabaha,Musawamah,Musharaka,MVL,Nablyudeniye,Nagnut’ (verb) (literally — to bend someone over),Nauðasamningar,NDA,Negative Covenant,Negative Notice,Negative Pledge,Negligent Bankruptcy,Neplatezhesposobnost,Netting,NIO,NOI,NOLs,Non-core Proceeding,Non-Dischargable,Non-filing Parent,Non-filing Subsidiary,Non-recourse Financing,No-shop Provision,Notice,Notice by Publication,Novation,Numerosity,Nunc Pro Tunc,Objection to Discharge,Obligor,Observation Period (“Période d’observation”),Obtaining Credit Unlawfully,OCP,Offentlig Akkord,Offentlig Gjeldsforhandling,Offentligt Ackord,Official Committee,Official Liquidation,Official Receiver,OID,Omnibus Hearing,Omologazione,Operating Reports,OPM,Oppression Remedy,Opschorting van Betaling,Order,Order for Relief,Ordinary Course of Business,Ordinary Course Professional,Original Issue Discount,Other People’s Money,Out of the Money,Out-of-Court Restructuring,Outside the Ordinary Course of Business,Over-Collateralisation,Over-Indebtedness,Oversecured Claim,PACER,Parallel Debt,Pari Passu,Part IV of the CCAA,Partial Roll Up,Party in Interest,Patient Care Ombudsman,Payment Blockage Provision,Perfect or Perfection,Période Suspecte,Personal Services Contract,Petition,Petition Date,Piano Attestato di Risanamento,Plan,Plan A,Plan B,Plan C,Plan Implementation Date,Plan of Liquidation,Plan of Reorganisation,Plan Support Agreement,Plan Vneshnego Upravleniya,Podozritelnye Sdelki,Point of No Return,Police Power,Ponzi Scheme,POR,Post Arrangement Hearing,Post-Filing,Post-petition,Potential Event of Default,PPSA — Personal Property Security Act:,Pre-arranged Bankruptcy,Preference,Preference Period,Preferential Claims,Preferential Creditor,Preferential Transfer,Preferred Creditor,Pre-Filing,Preliminary Insolvency Proceedings,Prenda Catalana,Pre-negotiated Bankruptcy,Pre-pack,Pre-packaged or Pre-pack Bankruptcy,Pre-packaged or Pre-pack Plan,Pre-petition,Prescribed Part,Prima Facie,Prime,Priming DIP Financing,Priming Lien,Priming Loan,Priority,Priority Claim,Privilège de Conciliation,Privilegio Speciale,Priznaki Bankrotstva,Pro Rata,Procedimiento de Concurso Mercantil,Procedure of Exequatur,Professionals,Proof of Claim,Proof of Debt,Proof of Interest,Property of the Estate,Proposal,Proposal Stay,Proposal Trustee,Protective Composition,Provisional Relief,Public,Publication Notice,Purchase Money Security Interest or PMSI,Pushdown,QFC,QFC,QFC Holder,Qualifying Floating Charge,Quarterly Fees,Rahn,Ranking,Realisation of Pledged Property,Receiver,Receivership,Recessionista,Recessionista-friendly,Recharacterisation,Rechter-Commissaris,Reclamation,Recognised Claims,Recognised Creditors,Recognition,Record Date,Recoupment,Reference,Refinanciación Protegida,Refinancing,Refinancing Rate,Rehabilitation,Reinstatement,Rejection,Rekonstruktion,Rekonstruktionsforslag,Rekonstruktionsplan,Rekonstruktør,Release Clause,Remand,Remedy Bar,Removal,Réorganisation Judiciaire,Reorganised Debtor,Required Class Lenders,Required Lenders,Requisite Lenders,Restricted,Restructuring Advisor,Restructuring Committee,Restructuring Loan,Restructuring Opinion,Restructuring Privilege,Restructuring Support Agreement,Restrukturering,Retention Application,Retention of Title,Retiree Benefits,Reviewable Transaction,Revocatoria Fallimentare,Reyestr Trebovaniy Creditorov,Ricorso Abusivo al Credito,Riftunartímabil,Rights Offering,Ring-fencing,Risk Sub-participation,Roll Up,Roundtripping,Rub ul-maal,Rule 2004 Discovery,Safe Harbor,Safeguard Proceedings,Saisie Conservatoire,Salam,Sale and Leaseback,SAMA,SAMA Committee,Sanction Hearing,Sanction Order,Sandbagging,Sanierungskredit,SARE,Sauvegarde,Sauvegarde Financière Accélérée,Schedules,Scheme of Arrangement,Second Lien,Secondary Proceedings,Section 244 Notice,Secured Claim,Secured Creditors or Secured Parties,Secured Debt,Securitisation,Security Agent,Security Agreement,Security Interest,Security Trustee,Senior Debt,Sentencia de Concurso Mercantil,Sentencia de Declaración de Quiebra,Sentencia de Reconocimiento de Créditos,Setoff,Several Liability,Shadow Director,Shari’ah,Shari’ah Courts,Signs of Bankruptcy,Síndico,Single Asset Real Estate (SARE) Case,Slug,Small Business Case,Snooze-you-lose,Solicitation Package,Solicitation Period,Soundair Test,Spanish Insolvency Act,Special Committee,Special Purpose Entity (SPE),Special Purpose Vehicle (SPV),Special Revenues,Staking van Betaling,Stalking Horse Bidder,Standstill,Standstill Agreement,Standstill Period,State of Insolvency / State of Distress,Statement of Financial Affairs (SOFA),Stato di Insolvenza / Stato di Crisi,Statstidende,Statutory Arrangement,Steering Committee,Structural Subordination,Subordinate DIP,Subordinated Debt,Subordinated Shareholder Loan,Subordination,Sub-participation,Subrogation,Substantial Contribution,Substantive Consolidation,Success Fee,Sukuk,Sunnah,Super Majority Lenders,Super Majority Voting,Superintendent of Bankruptcy,Super-priority,Super-senior Credits,Supervision,Supuestos de Concurso Mercantil,Surseance van Betaling,Sursis de Paiement,Surveyo,Suspect Period,Suspect Transactions,Suspension of Payments,Suspicious Transactions,Tail Policy,Tail Provision,Takaful,Take-Back Notes,Talk Tachlis,Tawarruq,Tax settlement,Temporary Allowance,Term-Out,The Nordic Bankruptcy Convention,Third-Party Release,Tillsynsmyndigheten,Tip,Trader,Transaction at an Undervalue,Transactions Aimed at Defrauding Creditors,Transfer Tax,Treuhand,Tribunale Fallimentare,True Sale,Trustee,Trustee in Bankruptcy,Turn,Turnaround Firm,Turnover,Tvangsakkord,Twenty-day Goods Claims,Twilight Zone,UCC,Umm Al-Qura,UNCITRAL,UNCITRAL Legislative Guide on Insolvency Law,UNCITRAL Model Law on Cross-border Insolvency,Underhandsackord,Undersecured Claim,Unencumbered,Unexpired Leases,Unimpaired,United States Trustee (UST or US Trustee),Unliquidated Claim,Unsecured Claim,Unsecured Creditor,US Bankruptcy Court,Use It or Lose It,Use of Proceeds,Utenrettslig Gjeldsforhandling,Utility,VAN,VC,Venue,Verdachte Periode,Verlängerter Eigentumsvorbehalt,Virksomhedsoverdragelse,Visitador,Vneshneye Upravleniye,Vneshniy Upravlyaushiy,Voidable Transactions,Voluntary Arrangement,Voluntary Arrangement Notification (VAN),Voluntary Composition,Voluntary Petition,Voluntary Settlement,Vorläufiges Insolvenzverfahren,Vote Selling,Voting Deadline,Voting Record Date,Vremenniy Upravlyaushiy,Wage Cap,Wage Earner Protection Program Act,Waterfall,Waterfall Plan,WEPPA,Winding Up,Window Shop Clause,Withdrawal of the Reference,Wrongful Trading,Yank-a-Bank,Zainteresorannye Litsa,Zombie,Zone of Insolvency