Bankruptcy

The authors summarize the significant differences between the new Bankruptcy Code, which became effective in 1979, and the Bankruptcy Act that governed bankruptcies prior to 1979. They also discuss those features of the new law which preserve important principles of the old. They first consider the changes in the bankruptcy court, in its procedures and the powers of its officers. They then examine the changes in the relationships between the debtor and the creditors and between the various creditors. Finally, the authors analyze aspects of the new Code that affect common commercial activities and are of special interest to the practitioner