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.
Possession (law) In law, possession is the control a person intentionally exercises toward a thing. In all cases, to possess something, a person must have an intention to possess it. A person may be in possession of some property (although possession does not always imply ownership). Like ownership, the possession of things is commonly regulated by states under property law.