Effective June 22, 1938 Statutes at Large 52 Stat. 840, 841, 842 | Public law 75-696 | |
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Other short titles Bankruptcy Act of 1898 AmendmentsBankruptcy Revision of 1938Chandler ActChandler Act of 1938 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 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.
References
Bankruptcy Act of 1938 Wikipedia(Text) CC BY-SA