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Excerpt from Selected Cases and Statutes on the Law of Bankruptcy
The first bankrupt act in England was 34 35 Henry VIII. 0. 4. The object was to assist creditors in collecting their claims if their debtors, by absconding or keeping within their houses, made ordinary process inadequate. To this end the Chancellor and other Officers were empowered to take the bodies of such Offenders as well as their property. The statute further provided for the sale of the property and distribution of the proceeds ratably among the creditors, and for the detection, avoiding, and punishment of fraudulent conveyances and detention of the bankrupt's property.
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