Bankruptcy Act 1705
The Bankruptcy Act 1705 (4 & 5 Ann. c. 4) is an Act of Parliament of England. Content. Under the Act, the Lord Chancellor was given power to discharge bankrupts, once disclosure of all assets and various procedures had been fulfilled. Discharge from debt was introduced for those who cooperated with creditors. The discharge took effect once a bankrupt obtained a certificate of the bankruptcy commissioners providing that there has been full disclosure and adherence to their directions.