Bankruptcy Litigation

Question 1

The Bankruptcy Act of 1898 was the first enduring American Bankruptcy law

Answer 1

The first federal statute to give companies an option of being protected from creditors

Question 2

The Chandler Act of 1938

Answer 2

i. The Chandler Act expanded the bankruptcy system in the US and made voluntary petitions more attractive to debtors.
ii. The Chandler Act also gave authority to the SEC in the administration of bankruptcy filings