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You can set up and work with default bonds when you use Eagle Accounting. A distressed or a defaulted bond can be defined as a bond for which Eagle Accounting has functionality to suppress accruals and/or amortization for specific positions, securities, and groups of securities. This can be used for distressed bonds where the issuer has defaulted on their debt obligations , and/or has filed for protection under Chapter 11 of the U.S. Bankruptcy Code. The In these cases the term "default" refers to an issuer's failure to pay interest or principal on a scheduled repayment date. This same default processing can also be used for operational reasons, such as with securities that are priced dirty to avoid double counting accrued interest in the security’s market value.