Bankruptcy and Assignments

[Mggirl]

I've been taking full advantage of the free trial of the Gale Digital collections and stumbled upon something I'd like to understand better.

It's the 'Perry's Bankrupt and Insolvent Gazette' from 1849 and under 'Assignments' it has an entry for an ancestor I'm interested in .

'CHALLIS, Catherine, (Dec1), of Sawston co. Cambridge, grocer and draper.
Trustee - Allen Watson, of Cambridge, grocer. Sol. - Fetch, Cambridge.

There are 2 entries in the Gazette with the same details, one of Jan 2 1849 and agin on Jan 9.  Presumably 2 hearings in court ?

I'm hoping SKS might be able to explain what an assignment is please?
Does it mean that Catherine was bankrupt and sold out to Mr Waston, with Fetch Solicitors handling the deal ?

Where would I go to find more details of this ?

Many thanks

[MarieC]

Hi,

I've got one of these too, and it's now my understanding that people in severe financial difficulties could assign their estates to trustees (who might be creditors) for distribution among those creditors who wanted to make a claim.  This was in order to try to avoid being imprisoned for insolvency.  From 1861insolvent debtors were allowed to apply for bankruptcy.

My attention has been drawn to the following:

The National Archives research guide

Bankrupts and Insolvent Debtors: 1710-1869

http://www.nationalarchives.gov.uk/catalogue/RdLeaflet.asp?sLeafletID=145

Have you read it?  If not, it's worthwhile!

MarieC

[bedfordshire boy]

Roughly the same answer as the one I gave on your cross post on the Cambs mailing list

Allen Watson was appointed as Catherine's Assignee, or Trustee, to administer her assets for the benefit of all her creditors. She assigned all her assets to him on 1 Dec 1848. He was responsible for selling her assets and distributing the proceeds pro rata to her creditors. I don't think it necessarily means that Allen Watson bought her business, although he may have done, being a grocer himself. The two dates were merely the dates that notice was given of the assignment, not the dates of court hearings which would have been earlier in 1848.

The London Gazette has a better description of the proceedings, which you can access at http://www.gazettes-online.co.uk/AdvancedSearch.aspx

Catherine must have been a trader (not just an ordinary person who had run up debts) with more than £50 of debts, otherwise she wouldn't have been eligible to file for bankruptcy

David

[Mggirl]

Marie and David

Thank you both for the information.

It's my first time coming across bankruptcy so all further reading is more than welcome.

Excuse my ignorance, but would £50 have been a substantial sum ? 

I've since discovered that in 1841 she was married to Thomas, a grocer but that he died in 1843.  In the 1851 she is down as a Widow (54y) of grocer living with her son.

Must have been a bumpy few years for her.

Thank you again
Denise

[MarieC]

Denise

There's a website called measuringworth.com which will allow you to compare an amount of money from a given year in the past with a recent year, in a number of different ways.  This will give you answers about the worth of 50 pounds.

MarieC

[crystalight]

Catherine must have been a trader (not just an ordinary person who had run up debts) with more than £50 of debts, otherwise she wouldn't have been eligible to file for bankruptcy

David

Thank you David you have answered my query without me even asking 

Crystal