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Glossary Term: BANKRUPTCY ACT OF 1898

Definition(s) for BANKRUPTCY ACT OF 1898:


1. ) provided primarily for liquidation of companies, it is the basis of the federal bankruptcy statutes used until the Bankruptcy Reform Act of 1978; reorganization could be effected indirectly under the 1898 Act through equity receiverships (these were used to keep creditors from seizing the assets of distressed companies).



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