Several banking firms and many individual creditors were ruined by the death of the pope.
Besides receiving taxes, they pay the creditors of the state in their departments, conduct all operations affecting departmental loans, buy and sell government stock (rentes) on behalf of individuals, and conduct certain banking operations.
A consolidation was effected in 1793, but the lavish issue of assignats destroyed whatever advantage might have accrued, and the debt was again dealt with by a law of the pth of Vendmiaire year VI: (27th of September 1797), the annual interest paid yearly to creditors then amounting to 40,216000 francs (~i,6oo,ooo).
The Roman Catholic landowners lost their estates, all or part according to their degree of guilt, and these were distributed among Cromwell's soldiers and the creditors of the government; Cromwell also invited new settlers from home and from New England, two-thirds of the whole land of Ireland being thus transferred to new proprietors.
Where a debtor has committed any act of bankruptcy a creditor or creditors whose aggregate claims are not less than £50 may proceed against him in bankruptcy.
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