Bankruptcy Act of 1938
Other short titles |
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Long title | A bill to amend an act entitled "An Act to establish a uniform system of bankruptcy throughout the United States" approved July 1, 1898, and acts amendatory thereof and supplementary thereto. |
Enacted by | the 75th United States Congress |
Effective | June 22, 1938 |
Citations | |
Public law | 75-696 |
Statutes at Large | 52 Stat. 840, 841, 842 |
Legislative history | |
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The United States Bankruptcy Act of 1938, known as the Chandler Act, expanded voluntary access to the bankruptcy system and made voluntary petitions more attractive to debtors. The Chandler Act gave authority to the Securities and Exchange Commission in the administration of bankruptcy filings. One effect of the Act was to remove investment banks from control of the corporate reorganization process by eliminating the equity receivership technique. In its place, a trustee was appointed by the bankruptcy court to oversee the reorganization process.[1]
References
- ↑ Skeel, David A. (2005). Icarus in the boardroom: the fundamental flaws in corporate America and where they came from. Oxford University Press. p. 96.
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