Originally published in Reuters on October 17, 2012.

A commission charged with exploring bankruptcy reform said on Wednesday it may recommend ditching outdated bankruptcy laws altogether and "starting from scratch."

The Commission to Study the Reform of Chapter 11, whose 22 members constitute a venerable bankruptcy industry Hall of Fame, on Wednesday held its first in a series of hearings to gather feedback on what is right and wrong with the statutory scheme that has governed Chapter 11 bankruptcy since 1978. The commission's charge includes "literally considering starting from scratch and re-inventing the statute," said Robert Keach, attorney and commission co chairman.

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