Trade and the economy boomed in time of war, buttressed by the increased production in the coal, iron, steel, shipbuilding, and cloth industries. But peace brought depression and much misery, including the imprisonment of many debtors. When very many were imprisoned, statutes allowed release on certain conditions. After assets were paid to creditors in proportion to the amounts owed to them, debtors could be discharged from prison if they owed no party more than 100 pounds (later no restriction and still later, 50 pounds, and even later, 500 pounds, and in 1772, 1000 pounds, and in 1774, 2000 pounds) and take an oath that they have less than 10 pounds (20 in 1772) worth of property (including 40s. in money in 1774), because there were so many debtors in prison who were impoverished by war losses and other misfortunes in trades and professions, and were totally disabled from paying their creditors, and they and their families either starved or became a burden to their parishes and became an occasion of pestilence and other contagious diseases. Exempted were those debtors for whom there was an objection by one of their creditors who paid for the maintenance of that debtor in prison. Prisoners discharged were also discharged from chamber [cell] rent and gaolers' fees, but not from their debts to creditors. During war, no male prisoner could be discharged unless he enlisted in the royal army or navy until the end of the war. In 1774, the discoverer of any asset of a debtor not listed by that debtor was to receive a reward of 20 pounds per hundred, and anyone concealing an asset of a debtor was to forfeit 100 pounds as well as double the value of the asset.
A person declared bankrupt shall subsequently be examined from time to time as to their goods, money, or other effects or estate to prevent the frauds frequently committed by bankrupts. A default or willful omission shall be deemed felony without benefit of clergy.
A bankrupt or other person concealing goods to the value of at least 20 pounds or his books with intent to defraud is a felony without benefit of clergy.
A debtor refusing to come to court for examination or hiding assets of more than 20 pounds is guilty of felony and his goods and estate shall be divided among his creditors.
Later, a bankrupt coming to an examination was allowed to keep 5 (or 7 1/2 or 10) pounds per 100, up to a maximum of 200 (or 250 or 300, respectively) pounds if he paid his creditors 10s. (or 12s.6d. or 15s. respectively) per pound. His future estate was still liable to creditors (excepting tools of trade, necessary household goods, bedding, furniture, and wearing apparel of the family up to 10 pounds) if it could pay every creditor 15s. per pound. If he didn't pay this, he could be imprisoned. Bankrupts excepted from the benefits of this act are those who lost 5 pounds in any one day or 100 pounds in the preceding year from gambling or wagers.
No goods or chattels on lands or tenements which are leased for life or lives or term of years or at will or otherwise "shall be liable to be taken by virtue of any Execution on any pretence whatsoever unless the party at whose suit the said Execution is sued out shall before the removal of such goods from off the said premises by virtue of such Execution or Extent pay to the landlord" all money due as rent. If the lessee fraudulently or clandestinely conveys or carries off his goods or chattels with intent to deprive the landlord or lessor from distraining the same for arrears of such rent, the lessor or landlord may, within five days, seize such goods and chattels as a distress for the arrears of rent and may sell them as if actually distrained on the premises.
Every person under 21 and every woman-covert who is entitled by descent or will to be admitted tenants of any copyhold lands or hereditaments may be ordered to appear by a guardian or attorney to be compelled to be so admitted and to pay such fines as are owing by the lands. If one is so admitted, but does not pay, the lord may enter the lands and receive its rents (but not sell timber) until the fine and costs are satisfied, after which the land is to be given back and may not be forfeited to the lord.
Tenants holding over any lands after their term expired and after demand for possession was made shall pay double the yearly value of such to the landlord. The landlord may reenter and eject a tenant if rent is in arrears for 1/2 year.
Landlords may distrain within 30 days and sell goods and chattels fraudulently or clandestinely carried off the premises by renters in arrears of rent. This applies to goods sold to others privy to the fraud. They may use force if necessary to break open houses upon giving a Justice of the Peace reasonable grounds to suspect and to break open other buildings in the presence of a constable. The renter is to forfeit double the value of such. The landlord may distrain the renter's cattle on any common or any growing grain, roots, or fruit. Attornments of renters made to strangers who claim title and turn the landlord out of possession are void.
Chief leases may be renewed without surrendering all the under leases. This is to prevent subtenants from delaying the renewal of the principal lease by refusing to surrender their leases, notwithstanding that they have covenanted to do so. But the rents and duties of the new subleases may not exceed those of their former leases.