Rescuing Business: The Making of Corporate Bankruptcy Law in England and the United States

By Bruce G. Carruthers; Terence C. Halliday | Go to book overview

Glossary
absolute priority The principle in US bankruptcy law in which creditors and equity holders who have claims with the highest priority must receive the full value of their claims before any claims with lower priority can be satisfied.
Article I courts US courts established by the US Congress under the authority granted to it under Article I of the US Constitution. Judges on Article I courts are appointed to serve for specific terms rather than for life. They may be appointed by the President alone (e.g., territorial judges), by agency heads (e.g., administrative law judges), or by courts (e.g., bankruptcy judges and magistrates).
Article III courts US courts established under Article III of the US Constitution. Judges are appointed by the President, confirmed by the Senate, and serve with life tenure.
automatic stay Once a debtor files for bankruptcy all attempts by the creditors to gain repayment from the debtor must stop. The rules determining how long the stay is in place and under what conditions the stay may be lifted are points of contention within the negotiation over the bankruptcy law.
bond A debt instrument whereby a creditor buys a bond at one point in time with the understanding that the debtor will repay the amount of the bond plus interest at a later point in time. Bonds generally do not give the buyer any ownership rights in the issuing entity. Bonds generally have a higher priority in bankruptcy than stock. Bonds may be secured or unsecured.
Chandler Act Act passed by US Congress in 1938 which revised and added business reorganizations to the US bankruptcy law of 1898.
Chapter 11 The chapter of the US Bankruptcy Code (passed in 1978) that governs all business reorganizations.
Chapter 7 The chapter of the US Bankruptcy Code that governs personal and business liquidations. See liquidation.
Chapter 9 The chapter of the US Bankruptcy Code that governs municipal bankruptcies.
Chapter X The Chapter under the bankruptcy law prior to 1978 that governed bankruptcies of publicly held companies. A representative of the Securities Exchange Commission had oversight in bankruptcies under this chapter whether the case was commenced voluntarily or involuntarily. The management of debtor business was automatically removed from office.
Chapter XI The Chapter under the bankruptcy law prior to 1978 that governed bankruptcies of privately held companies (or, companies without a large number of public stockholders). This chapter allowed the management of the debtor business (a) voluntarily to declare bankruptcy, (b) to

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