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The Bankruptcy Act of 1938, also known as the Chandler Act, expanded voluntary access to the bankruptcy system in the United States and made voluntary petitions more attractive to debtors. It also gave authority to the Securities and Exchange Commission in the administration of bankruptcy filings. One effect was to remove investment banks from control of the corporate reorganization process by eliminating the equity receivership technique. Instead, a trustee was appointed by the bankruptcy court to oversee the reorganization process.
Video Bankruptcy Act of 1938
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