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The Muir Hunter Museum of Bankruptcy has acquired another interesting document. The letter dates from the 26th January 1880. It is a Bankruptcy Act 1869 affidavit which was annexed to the notice summoning the first general meeting of creditors under sections 125 and 126 of the 1869 statute. These sections provided the minutiae of the rules for the commencement of proceedings, which were generally instituted by the debtor.
The document relates to the insolvent affairs of a Mr Thomas Pryce, a debtor farmer from Scafell, Montgomeryshire. The named creditor is Mr Ebenezer Rees, the county manager of the Liverpool branch of the North and South Wales Bank. As agent under the bank's seal he presented the document as the bank was owed £123:10:3 by Mr Pryce. This indebtedness arose due to a loan and subsequent default.
"This is the ultimate statement of where the law on IVAs is to be found in our great common law...