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'. possession (pÉzeÊÉn ) If you are in possession of something, you have it, because you have obtained it or because it belongs to you. Those documents are now in the possession of the Guardian. We should go up and take possession of the land.