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The last instance of such a default took place during the Great Depression, in 1933, when the state of Arkansas defaulted on its highway bonds, which had long-lasting consequences for the state. [1] Current U.S. bankruptcy law, an area governed by federal law, does not allow a state to file for bankruptcy under the Bankruptcy Code. [2]
The trial court agreed with the creditors, but the Circuit Court of Appeals reversed because the Bankruptcy Clause gives Congress the power to enact uniform bankruptcy rules. [1] In a majority opinion by James C. McReynolds, the Supreme Court reversed the Circuit Court and held the bankruptcy courts could not have jurisdiction over state ...
No state has ever declared bankruptcy, though. As state and local governments have shut down businesses to prevent the spread of COVID-19, they have also ended much of the consumer activity that ...
By comparison, the average price for a movie ticket nationwide hovered between 23 and 25 cents during the 1930s. [citation needed] The theater was still able to make money from food and beverage concessions. The Savoy was later converted into a two-screen theater and finally shut down in 1979.
Bankruptcy will whack your credit, but Chapter 7 may allow you to start rebuilding relatively quickly, while Chapter 13 will have longer-term effects. You could have a decent credit score (above ...
The company, which has produced live theater in the capital city for decades, says it hopes to re-emerge on firmer financial footing. Raleigh-based NC Theatre declares bankruptcy and cancels the ...
The majority of state debt was owed to parties outside the U.S., primarily Europe. [5] State debts were largely paid off in full by the late 1840s, although no direct sanctions were enacted to force repayment. The state defaults inspired the enactment of the Bankruptcy Act of 1841, although the Act did not apply to the states themselves, [6 ...
Fox theaters surviving today share almost identical histories of decline and fall into disrepair as demographics and movie-going habits changed in the post-World War II years. As many were located in urban centers, there have been subsequent campaigns to save, restore and preserve the architectural extravaganzas for other uses, especially the ...