Legislative History of the New Bankruptcy Law

In 1978, a new federal bankruptcy law was enacted.Problems of statutory interpretation will undoubtedly arise with respect to this law.In an attempt to assist the legal community in solving such problems, the author has presented the legislative history of Public Law No. 95-598 and provided a step-by-step format to be used in researching this legislative history.On November 6, 1978, the fifth 1 bankruptcy law of the United States, promulgated under Congress' power to enact uniform laws on the subject of bankruptcies, 2 was signed by the President.3 Although the law is properly 4 cited as Public Law No. 95-598 and does not have an official short title, 5 it is not uncommon to find the law referred to as the "Edwards Act" 6 * The author practices insolvency law in Los Angeles, California, with Shutan & Trost Professional Corporation.The author gratefully acknowledges the assistance of Richard Levin, Esq., and Sally S. Neely, Esq., in editing this article.1.Each of the four earlier bankruptcy laws of the United States has been referred to as a "Bankruptcy Act."The Bankruptcy Act of 1800, 2 Stat.19, provided for involuntary bankruptcy proceedings against merchants and was repealed in 1803.The Bankruptcy Act of 1841, 5 Stat.440, provided for voluntary or involuntary bankruptcy proceedings against individuals, whether or not they were merchants, and permitted a discharge of an individual's debts if the requisite percentage of his creditors consented.That law was repealed in 1843.The Bankruptcy Act of 1867, 14 Stat.517, extended bankruptcy relief to corporations for the first time.It was repealed in 1878.The Bankruptcy Act of 1898, ch.541, 30 Stat.544, has remained in effect longer than the other three bankruptcy acts combined.It was amended several times on a piecemeal basis and revised substantially by the Chandler Act in 1938, 52 Stat.840.The Bankruptcy Act of 1898 was repealed effective October 1, 1979, though it remains in effect with respect to cases pending on September 30, 1979.See note 8 infra.2. U.