Author Topic: Can you explain bankruptcy in simple terms please  (Read 281 times)

Offline Claire64

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Can you explain bankruptcy in simple terms please
« on: Monday 11 March 19 20:38 GMT (UK) »
I've come across more than one bankrupt in my research, and according to the papers some have been obstructive in giving accounts to the courts.  Some cases have dragged on for ages.  This one seemed to be over and done with quite soon; In November 1867 James Vaughton, publican, was declared bankrupt.  Several years earlier had inherited a pub and some cottages and land from his father. 

In November a meeting was held for "proof of debts and choice of assignees" - what does this mean?

In January notice was given, "that the Court has appointed a Public Sitting to be held before William Scrope Ayrton, Esquire, the Commissioner acting in the Prosecution of a Petition for Adjudication of Bankruptcy filed against the said Bankrupt, on Wednesday […] for the said Bankrupt to pass his last Examination and to make application for discharge.
At such Public Sitting, Proofs of Debts of Creditors will be received, and the Bankrupt will be required to submit himself to be examined, and to make a full disclosure and discovery of all his Estate and Effects and to finish his Examination." - again, explanation please

Two weeks later, "The following bankrupts came up for their last examinations, and severally received their orders of discharge: - …Joseph [sic] Vaughton of Deepcar, publican." - Does this mean he'd paid his debts?  What does Discharged mean? 

He did not sell the pub and cottages as far as I know.  His brother in law took over the pub, and James lived in one of the cottages for at least the next 20 years.

If someone can translate this to simple English I'd be grateful.
Pearson (Bradwell Dby & Stocksbridge)
Donkersley
Crawshaw (Bradfield)
Evans (Bradwell Dby and Stocksbridge)
Crossley (Penistone)
Rogers (Nottinghamshire & Stocksbridge)
Bramall (Bradfield/Wadsley)
Walton (Hunshelf)

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Offline stanmapstone

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Re: Can you explain bankruptcy in simple terms please
« Reply #1 on: Monday 11 March 19 21:03 GMT (UK) »
Mapstone, Mapston.
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Offline Maiden Stone

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Re: Can you explain bankruptcy in simple terms please
« Reply #2 on: Tuesday 12 March 19 01:51 GMT (UK) »
Thanks for that link.
I was looking at bankruptcies yesterday. 2 elder brothers of a 3x GGF were both in financial difficulties in 1831.
Thomas was in a list of bankrupts that year. He had 2 pubs in Manchester.
Richard was one of seven co-defendants in Court of Chancery Pleadings. I recognised the surname of another defendant as that of a business partner of his from a few years before. A female defendant called Moreland was a relative of the business partner. I'd previously seen a notice in local newspaper (1831) to any one who had a claim against Richard, who was also an innkeeper at the time. Looking up the woman Moreland in local newspapers, I saw a notice for an auction sale of land including orchard "Pursuant to a Decretal Order of the Court of Chancery of the County Palatinate of Lancaster, made in a Cause … Thompson v Moreland ….." .
A third brother was sued for debt by an architect in the next decade and his house was re-possessed. Fourth brother had a finance company; something may have gone wrong with his business, he next surfaces as a solicitor's clerk in Manchester.
Google discharged bankrupt for an explanation.

Offline Claire64

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Re: Can you explain bankruptcy in simple terms please
« Reply #3 on: Thursday 14 March 19 12:31 GMT (UK) »
Thanks for the link Stan.  A much easier to understand site than those I have looked at which I have found like trying to read Greek!
Pearson (Bradwell Dby & Stocksbridge)
Donkersley
Crawshaw (Bradfield)
Evans (Bradwell Dby and Stocksbridge)
Crossley (Penistone)
Rogers (Nottinghamshire & Stocksbridge)
Bramall (Bradfield/Wadsley)
Walton (Hunshelf)