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Before 1898, there were several short-lived federal bankruptcy laws in the U.S. The first was the act of 1800 which was repealed in 1803 and followed by the act of 1841, which was repealed in 1843, and then the act of 1867, which was amended in 1874 and repealed in 1878.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:
“It’s nice to be a part of history but people should get it right. I may not be perfect, but I’m bloody close.”
—John Lydon (formerly Johnny Rotten)
“If usually the “present age” is no very long time, still, at our pleasure, or in the service of some such unity of meaning as the history of civilization, or the study of geology, may suggest, we may conceive the present as extending over many centuries, or over a hundred thousand years.”
—Josiah Royce (1855–1916)
“There is a constant in the average American imagination and taste, for which the past must be preserved and celebrated in full-scale authentic copy; a philosophy of immortality as duplication. It dominates the relation with the self, with the past, not infrequently with the present, always with History and, even, with the European tradition.”
—Umberto Eco (b. 1932)