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  1. #1
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    Default Bankruptcy in UK in 1840s

    Hello

    I am interested in finding out the conditions of being declared bankrupt in UK in the 1840s. My 3x great grandfather was placed in this unfortunate position, losing all his property and assets.

    Last night on an episode of the English Who Do You Think You Are, this topic came up. The expert advised that in those times in UK, the person declared bankrupt was allowed to retain 5% of their assets.

    A Google search hasnít supplied me with any answers, so Iím now hoping that someone on this board can point me in the right direction to verify this fact.

    Many thanks for reading my post, Di

  2. #2
    Super Moderator christanel's Avatar
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    Hello Di

    This research guide at The National Archives may be helpful.

    Christina
    Sometimes paranoia is just having all the facts.
    William Burroughs

  3. #3
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    Default

    this unfortunate position
    Being bankrupt was not as unfortunate as being an insolvent debtor!

  4. #4
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    Default

    Thanks for that link, Christina. Unfortunately it doesn't answer my specific question, but I have sent N/A a similar post to this, so maybe they'll have further information that I can read.

  5. #5

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    Hansard https://hansard.millbanksystems.com

    The Insolvent Debtors' and Bankruptcy Bills 1842 discussed extensively. Plenty of discussion about the fees/charges/remuneration of those proposed to run the schemes but yet to spot an answer to your specific question.

    (when searching Hansard if search key more than one word wrap key with " ")
    "dyfal donc a dyr y garreg"

  6. #6

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    The Hampshire Chronicle 14 Nov 1842, in an article explaining the implications of the Bankruptcy Act that had come into force the previous Friday included -
    " .... There is an amendment respecting allowances to bankrupts; none to be granted until a year after the fiat, and then in the following manner;- five per cent and not to exceed £400, if 10s in the pound to be paid; 7 1/2 per cent and not exceeding £500, provided 12s 6d be paid and 10 per cent and not exceeding £600 if 15s be paid ..."
    "dyfal donc a dyr y garreg"

  7. #7

    Default

    The relevant section of the '42 Act is section 44.

    Another newspaper article at the time mentions " every bankrupt who shall have properly conformed ... the allowance not to be made till 12 months after the fiat has been issued, and till the requisite dividends have been paid ... If after the expiration of 12 months his estate should not have paid 10s in the pound, the Courts are empowered to allow 3 per cent, and not more than £30 of the proceeds ..."

    There was also provision to pay only one partner and not others.

    Like so many things, not as straightforward as first appears.
    "dyfal donc a dyr y garreg"

  8. #8
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    Default

    Thank you so much for digging up those details, helachau - just exactly what I was looking for!

    Up until now, I had wondered how my 3x great grandfather had managed to start up a new business in a near-by town, if he had been declared bankrupt in his home town. I was beginning to wonder if I had come across another person of the same name - now I feel much more confident that I am on the correct path.

    Thanks again, Di

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