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.
Definition of possession. 1  1a : the act of having or taking into controlb : control or occupancy of property without regard to ownershipc : ownershipd : control of the ball or puck; also : an instance of having such control (as in football) scored on their first two possessions. 2  2 : something owned, occupied, or controlled : property.