Business Failures and Bankruptcy Administration

Archive Report

The federal bankruptcy law of 1898, by which as amended bankruptcy procedure throughout the United States is regulated, is under heavy fire from many quarters. Associations of credit men, practitioners in bankruptcy, judges of federal courts, bar associations, and professors of law are dissatisfied with the act and its administration. They point to long delays in bankruptcy proceedings, to the small return to creditors after adjudication of insolvent estates, and to the high cost of administration. They deplore the “breakdown” of the theory of creditor control of bankrupt estates, the apparent ease with which debtors may be discharged from their debts, and the lack of professional ethics upon the part of many lawyers practicing in bankruptcy. In response to these criticisms more than a ...

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