bona fide (not comparable) 1  In good faith. 2  Genuine; not counterfeit.
What is a 'Debtor in Possession (DIP)' A debtor in possession (DIP) is a person or corporation who has filed for bankruptcy protection but still holds property that a creditor has a right to.  It is part of U.S. bankruptcy law and is the term used to describe a corporation that continues to do business while under Chapter 11 bankruptcy proceedings.
Debtor. 1  Borrower of money. 2  A person, company, or other organization that owes money to another individual, company, or organization. Generally speaking, a debtor acquires debt for a specific purpose, such as to fund a college education or to purchase a house. 3  An individual or organization that owes a debt or has an obligation to another party.