Economics -- Early works to 1800; Finance -- Great Britain; Great Britain -- Economic conditions -- 18th century
2. Any person who should claim any debt among the creditors, for the
account of the bankrupt, or his wife or children, or with design to
relieve them out of it, other or more than is, _bonâ fide_, due to him
for value received, and to be made out; or any person who shall receive
in trust, or by deed of gift, any part of the goods or other estate of
the bankrupt, with design to preserve them for the use of the said
bankrupt, or his wife or children, or with design to conceal them from
the creditors, shall forfeit for every such act £500, and have his name
published as a cheat, and a person not fit to be credited by any man.
This would make it very difficult for the bankrupt to conceal anything.
3. The bankrupt having given his name, and put the officer into
possession, shall not remove out of the house any of his books; but
during the fourteen days’ time which he shall have to settle the accounts
shall every night deliver the books into the hands of the officer; and
the commissioners shall have liberty, if they please, to take the books
the first day, and cause duplicates to be made, and then to give them
back to the bankrupt to settle the accounts.
4. If it shall appear that the bankrupt has given in a false account,
has concealed any part of his goods or debts, in breach of his oath, he
shall be set in the pillory at his own door, and be imprisoned during
life without bail.
5. To prevent the bankrupt concealing any debts abroad, it should be
enacted that the name of the bankrupt being entered at the office, where
every man might search gratis, should be publication enough; and that
after such entry, no discharge from the bankrupt should be allowed in
account to any man, but whoever would adventure to pay any money to the
said bankrupt or his order should be still debtor to the estate, and pay
it again to the commissioners.
And whereas wiser heads than mine must be employed to compose this law,
if ever it be made, they will have time to consider of more ways to
secure the estate for the creditors, and, if possible, to tie the hands
of the bankrupt yet faster.
This law, if ever such a happiness should arise to this kingdom, would be
a present remedy for a multitude of evils which now we feel, and which
are a sensible detriment to the trade of this nation.
1. With submission, I question not but it would prevent a great number
of bankrupts, which now fall by divers causes. For,
(1.) It would effectually remove all crafty designed breakings, by
which many honest men are ruined. And
(2.) Of course ’twould prevent the fall of those tradesmen who are
forced to break by the knavery of such.
2. It would effectually suppress all those sanctuaries and refuges of
thieves, the Mint, Friars, Savoy, Rules, and the like; and that these two
ways:—
(1.) Honest men would have no need of it, here being a more safe,
easy, and more honourable way to get out of trouble.
Public-domain text, read in full here on John Shaqi.
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