In 1556, the town took advantage of the fact that the lord of the manor was a minor to request incorporation of the borough, which was granted by Philip and Mary, allowing a town government consisting of a mayor, two bailiffs, twenty-four burgesses, a court, a recorder and two serjeants at law, amongst other officers. The Charter describes the borough as having fallen into "great ruin and decay by reason of great poverty and necessity"; the charter may have signalled an effort to revitalise the fortunes of the town and was reconfirmed by Elizabeth I and James I. However, despite efforts to encourage the development of the wool trade in the town with the creation of a guild of clothiers in 1583, Thaxted's fortunes did not return. The charter was extinguished in 1686 after the town was unable to challenge a quo warranto writ by James II.