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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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bankruptcy law, legal system