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.
Under the Bankruptcy Code, the bankruptcy trustee (or the debtor itself as the. âdebtor-in-possessionâ or âDIPâ in a Chapter 11 reorganization case) may seek. return of any payments made to the debtorâs unsecured creditors within the. 90 days prior to bankruptcy, under certain circumstances.