William Matthias Lancaster (1872 and 1891)

Post date: Aug 05, 2012 12:21:56 PM

Notice in London Daily News 21st November 1872:

WILLIAM MATTHIAS LANCASTER, Esquire of Wateringbury-place, Maldstone in the County of Kent.

CREDITORS of the above-named William Matthias Lancaster are requested, on or before the 14th day of December 1872 to send their names and addresses and the particulars of their DEBTS or claims to Messrs Winter Williams and Co, solicitors, No 16 Bedford Row, London, dated this 21st day of November 1872.

Extract from Whitstable Times of 7 February 1891:

RE WILLIAM MATTHIAS LANCASTER, GENTLEMAN, UPPER DEAL.

Mr. R. Wilks, jun., appeared for the debtor.—Mr. Mowll said the receiving order was made December, 1889, on the debtor's own petition. The liabilities expected to rank were £73,922 3s. 11d., proofs admitted £85 8s. 2d. probable not yet proved £73,835 0s. 3d. Nothing had been realised.

When bankrupt came of age he was entitled reversion in estates of considerable value, viz., the Wateringbury Manor Estate, near Maidstone, and the Bradworthy Manor Estate, in Devonshire. The interest in these estates represented the sum of £300.000. After he became of age was induced by his father to bar the entail, and an arrangement was entered into by him and his father, by which he was receive an annuity of £800 per annum whilst single and £1,200 per annum, after marriage during his life. The father then, together with the debtor, raised loans upon the estates, the debtor joining for the purpose of postponing his annuity, £320,000 was raised on the two estates. Subsequently the mortgagees took Chancery proceedings which resulted in the sale of the estates and £220,000 was only realised leaving a deficit of £80,000. This happened years ago and the bankrupt had since been living on £100 a year allowed him by his mother. The Chancery proceedings terminated in 1881, and since that time the bankrupt had had claims made upon him by the mortgagees, but nothing appeared to have been paid them since that time.

The bankrupt admitted that he could not pay this indebtedness, but stated that he only became aware that he was getting into debt with his local creditors about four months before the proceedings. The principal creditors were solicitors claims for money advanced £2,446 another advance of £100, and law costs £1,000 which were all before 1881. The bankrupt stated that he had expected money from rich relations but these expectations had not been realised. He admitted having made a private arrangement in 1878 when he owed £2,400 and paid 10s in the pound. The Official Receiver asked the Court to find that the bankrupt had contracted debts without any expectation of paying, that he had on a previous occasion made an arrangement with his creditors, further to notice that on his second marriage he entered into an agreement to settle any property that might devolve upon him on his wife absolutely

-His Honour said the case was a curious one. Debtor appeared to have lost his reversion by going with his father into very large mortgages on very large estates, and a large deficit was left which there was no prospect of ever being paid. No allegations were properly made on that ground. It had been proved that in 1878 debtor had made an arrangement with his unsecured creditors, that the second charge had been proved, in that debtor was not justified in relying upon the bounty of his relations as a source of income until he had the money in his pocket. The discharge would be suspended for 6 months.

During the hearing of the case Mr Wilks mentioned that the bankrupt was induced to carry on a pack of hounds in Devonshire. He did so for a time but the subscriptions came in so badly that he gave them up.