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Bankruptcy administration has been subject to but little fundamental change in the thirty-three years since the present act was adopted. Though amendments have frequently been made, they have altered only the detail, not the general structure. But there is a suspicion that things have changed in respect to bankruptcy or at least that various assumptions basic to the system have been disproved or need to be qualified. Further, it is felt that the system has acquired or inherited from older times a rigidity that prevents it from adequately adjusting itself to the exigencies of the life with which it deals.

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