Where the debtor is a company or corporation registered under the companies acts, the creditor may petition to have it wound up. (See COMPANY.) Imprisonment for debt, the evils of which have been so graphically described by Dickens, was abolished in England by the Debtors Act 1869, except in cases of default of payment of penalties, default by trustees or solicitors and certain other cases.
In the United States imprisonment for debt was universal under the common law, but it has been abolished in every state, except in certain cases, as where there is any suspicion of fraud or where the debtor has an intention of removing out of the state to avoid his debts.
He settled in Philadelphia as a lawyer, and in February 1780 he published in Philadelphia a series of essays on finance, in which he criticized the issue of legal-tenders, denounced laws passed for the benefit of the debtor class, and urged the people to tax themselves for the common good.
The means of carrying on the war were obtained by the State becoming the debtor of the Austro-Hungarian Bank, in so far as credit was concerned.
The insolvent debtor was withdrawn from the yoke of his creditor.
The debtor and creditor account of the state from 1864 to 1875 showed receipts amounting to 148,215,000.
The Poetelian law (326 B.C.) restricted the creditor's lien (by virtue of a nexum) to the goods of his debtor, and enacted that for the future no debtor should be put in chains; but we hear of debtors addicti to their creditors by the tribunals long after - even in the time of the Punic Wars.
The whole property of the debtor might be pledged as security for the payment of the debt, without any of it coming into the enjoyment of the creditor.
He was now enabled to carry a philanthropic measure, of which from his first entry into the House of Lords he had been a great promoter, namely, the Debtor and Creditor Bill for relief of poor debtors.
The second was called for by the preference which the common law gave to a distant collateral over the brother of the half-blood of the first purchaser; the fourth conferred an indefeasible title on adverse possession for twenty years (a term shortened by Lord Cairns in 1875 to twelve years); the fifth reduced the number of witnesses required by law to attest wills, and removed the vexatious distinction which existed in this respect between freeholds and copyholds; the last freed an innocent debtor from imprisonment only before final judgment (or on what was termed mesne process), but the principle stated by Campbell that only fraudulent debtors should be imprisoned was ultimately given effect to for England and Wales in 1869.1 In one of his most cherished objects, however, that of Land Registration, which formed the theme of his maiden speech in parliament, Campbell was doomed to disappointment.