History
Before 1898, there were several short-lived federal bankruptcy laws in the U.S. The first was the act of 1800 which was repealed in 1803 and followed by the act of 1841, which was repealed in 1843, and then the act of 1867, which was amended in 1874 and repealed in 1878.
The first modern Bankruptcy Act in America, sometimes called the "Nelson Act", was initially entered into force in 1898. The current Bankruptcy Code was enacted in 1978 by ยง 101 of the Bankruptcy Reform Act of 1978, and generally became effective on October 1, 1979. The current Code completely replaced the former Bankruptcy Act, the "Chandler Act" of 1938. The Chandler Act gave unprecedented authority to the Securities and Exchange Commission in the administration of bankruptcy filings. The current Code has been amended numerous times since 1978. See also the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005.
Read more about this topic: Bankruptcy In The United States
Famous quotes containing the word history:
“To a surprising extent the war-lords in shining armour, the apostles of the martial virtues, tend not to die fighting when the time comes. History is full of ignominious getaways by the great and famous.”
—George Orwell (1903–1950)
“If you look at the 150 years of modern China’s history since the Opium Wars, then you can’t avoid the conclusion that the last 15 years are the best 15 years in China’s modern history.”
—J. Stapleton Roy (b. 1935)
“Certainly there is not the fight recorded in Concord history, at least, if in the history of America, that will bear a moment’s comparison with this, whether for the numbers engaged in it, or for the patriotism and heroism displayed.”
—Henry David Thoreau (1817–1862)