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.
The debtor in possession or the trustee, as the case may be, has what are called avoiding powers. These powers may be used to undo a transfer of money or property made during a certain period of time before the filing of the bankruptcy petition.