Article 2.9.1 General Provisions

Definitions: For the purposes of this Chapter 2.9, unless context otherwise requires:

Court means the ICT Court or Bankruptcy Court established under Article 2.9.1 which is adjudicating a particular Case.

Bankruptcy Estate means an estate created under Article 2.9.2(a)(ii).

Case means a particular bankruptcy proceeding initiated by the filing of a Petition.

Claim means a right to payment from the Debtor, whether secured by collateral or unsecured, as allowed under this Chapter 2.9.

Creditor means an individual or entity holding a Claim against the Debtor.

Debtor means a an individual or entity that resides, is domiciled, has a place of business, or holds property in the ICT and is subject to a bankruptcy Petition under this Chapter 2.9.

Discharge means the final disposition of a Claim after a Case is closed.

Interest means an equity, security, or ownership stake in the Debtor, such as shares or partnership interests.

Secured Claim means a Claim backed by collateral, entitled to priority up to the collateral’s value at the time of the Petition filing.

Trustee means an individual or entity appointed or agreed upon to administer the Bankruptcy Estate.

Unsecured Claim means a Claim not backed by collateral or the portion of a Secured Claim exceeding the collateral’s value.

Bankruptcy Court: The ICT Court may establish and delegate the adjudication of cases under this Chapter 2.9 to a subordinate court of special jurisdiction, known as the Bankruptcy Court. Any decision of the Bankruptcy Court may be appealed to the ICT Court.

Prohibition on Imprisonment for Debt: No person shall be imprisoned for failure to pay a debt. Nothing in this article shall excuse a person convicted of fraud, embezzlement, theft, or other crime from imprisonment or other penalty imposed by law.