VPRS 765 Schedules Under 1890 Insolvency Act

The series consists of files created to document the process of declaring a person insolvent in the Melbourne and metropolitan region. Documents within the files include: - insolvent's statement - statement of assets and receipts - statement of disbursements and unrealised estate - schedules - order of appointment for certificate of discharge. The series ended in 1915 when a new file numbering system was implemented for the files created under the provisions of the Insolvency Act 1915 Procedure A person was considered insolvent when he/she was unable to meet his/her debts in full. A debtor would petition to be declared insolvent by the court and as such to be discharged of all debts. In the case of compulsory sequestration (confiscation) creditors would petition the court for an order. Other documents attached to the original petition included sworn statements of causes leading to insolvency, proofs of debt by creditors and an inventory of insolvent's estate. An Order of Sequestration gave temporary control of an insolvent persons property to an official assignee/trustee.