The College was formed in 1989 and has over 800 Fellows that are selected by a Board of Regents from among recommendations received from the Circuit Admissions Council in each federal judicial circuit. The Regents select those who meet the following standards: (i) the highest professional qualifications and ethical standards; (ii) the highest level of character, integrity, professional expertise and leadership which demonstrates the likelihood that they will continue to contribute to the enhancement of bankruptcy and insolvency scholarship, continuing education, and contributions to the improvement of the bankruptcy and insolvency processes; (iii) a commitment to fostering and furthering the objectives of the College; (iv) sustained evidence of scholarship, teaching, lecturing and distinguished published writings on bankruptcy practice or insolvency practice, procedure, philosophy, improvements and reforms which demonstrates a consistent contribution to the enhancement of bankruptcy and insolvency literature, education, practice and the overall improvement of the process. The mission of the College is to honor and recognize distinguished bankruptcy professionals who are qualified for membership in an effort to set standards of achievement for others in the insolvency community, and to fund and assist projects that enhance the highest quality of bankruptcy practice, including undergraduate and graduate programs related to bankruptcy and insolvency.
Historically, the prestigious American College of Bankruptcy Induction Ceremony, a black tie event, has been held in early spring at the United States Supreme Court Great Hall, followed by a reception. Well known individuals who have addressed the Induction Ceremony include Supreme Court Justices, members of Congress, Department of Justice officials, White House staff members, academicians and appellate judges.
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ACB members are judges, lawyers, international fellows, accountants, corporate turnaround specialists, government officials and other professionals who are experts in the field of bankruptcy and insolvency. Members are selected on an invitation only basis by a Board of Regents, using the ACB Nomination Process.