Blog Quiz #2 Answers

NCBJ Blog Quiz: How Well Do You Know Your Bankruptcy History and Bankruptcy Community?

by Professor Karen M. Gebbia

Golden Gate University School of Law

To take Blog Quiz #1, click here (bankruptcy organization acronyms plus bonus question).

To take Blog Quiz #2, click here (identify which one does not belong, from a bankruptcy perspective, and why?).

Blog Quiz #2 answers:

1. King does not belong. The Shea, McAdoo, Donovan, and Thacher commissions, committees and reports heavily influenced bankruptcy legislation in the 1930s and 1940s. For bankruptcy Kings, see the answers to Quiz #1.

2. Brookings does not belong. The Lowell Bill and Torrey Bill were precursors to the Bankruptcy Act of 1898. The Lowell Bill was not successful; the Torrey Bill formed the basis for the Bankruptcy Act. The Brookings Institution Report of 1971 influenced the Bankruptcy Code of 1978.

3. 1823 does not belong. Federal bankruptcy laws were enacted in 1800, 1841, 1867 and 1898, but not in 1823.

4. 1938 does not belong. The Commission on the Bankruptcy Laws of the United States issued its report in 1973. The National Bankruptcy Review Commission issued its report in 1997. There was no bankruptcy commission report in 1938. 1938 is significant as the year the Chandler Act amendments to the Bankruptcy Act of 1898 were enacted.

5. The Great Recession of 2007-2009 does not belong. The other financial crisis led more or less directly to major federal bankruptcy legislation. The Great Recession did not; although it did spur other federal legislation, most notably the Dodd-Frank Act.