Texas two-step

短语

词形变化

Texas two-steps 复数 Texas two-steps

释义与例句

n.
  1. 1.

    A two-step bankruptcy strategy under US bankruptcy law in which a solvent parent company spins-off liabilities into a new company, and then has that new company declare bankruptcy.

    商务 法律

    This is called the “Texas two-step.” In its extreme form it sounds like very bad cheating: You can’t really put all the liabilities and none of the money in the box; that is just a way to defraud victims, and surely they’d find a way to do something about it. But a milder form of the Texas Two-Step is that you put the liabilities in the box, put the box in bankruptcy, but have the parent company guarantee its product liabilities.