After five years struggling to discharge the liabilities of the bank, the action of some creditors forced the partners into bankruptcy in 1820. For a time Roscoe was in danger of arrest, but ultimately he received an honourable discharge. On the dispersal of his library, the volumes most useful to him were secured by friends and placed in the Liverpool Athenaeum of which he had been a founding member in 1797. The sum of £2,500 was also invested for his benefit.