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.
Learner's definition of POSSESSION. 1. [noncount] formal : the condition of having or owning something. She is old but still has (full) possession of her senses/faculties. [=she is still able to think clearly] I have in my possession [=I possess] silverware that has been passed down in my family for generations. The city can take possession of the abandoned buildings. She came into possession of a rare silver coin.