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Although the Bankruptcy Code provides for a stockbroker liquidation proceeding (11 U.S.C. § 741 et seq.), it is far more likely that a failing brokerage will find itself involved in a proceeding under the Securities Investor Protection Act of 1970 (SIPA) (15 U.S.C. §§ 78aaa et seq.), rather than a Bankruptcy Code liquidation case.

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