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Zugdidi Travel on A trustee (often referred to as a protector or caretaker) auctioned off the debtor’s property to the bidder who agreed to pay the most to the creditors. The trustee was either chosen by the creditors or appointed by a magistrate. In severe cases, a debtor could be sold into slavery. Historians disagree about the date of the first English bankruptcy law. Some think it was enacted in 1542, while others believe the first law was passed in 1570. The 1542 edict, passed under the rule of Henry VIII, established harsh penalties against the debtor to prevent fraud committed on creditors. Bankrupt individuals appeared before a chancellor, faced examination under oath at the discretion of the creditor, and if the debtor 80 bankruptcy failed to surrender his possessions to repay the debt, the offender was sent to debtors’ prison. Zugdidi Travel 2016.