In re Wm. S. Butler & Co.

Citations

• 207 F. 705
• 125 C.C.A. 223
• 1913 U.S. App. LEXIS 1653

Syllabus

<p>1. Bankruptcy (§ 00*)—Acts op Bankruptcy —Application foe Receiver— “Insolvent.”</p> <p>The definition of the term “insolvent” given in Bankr. Act July 1, 1898, c. Ml, § 1, cl. 15, 30 Stat. 545 (TJ. S. Com]). St. 1901, p. 3419), providing that a person shall be deemed insolvent within the provisions of the act whenever the aggregate of his property shall not at a fair valuation be sufficient in amount to pay his debts, is the one to be applied in determining the meaning of the term in section 3a, cl. 4, as amended by Act Feb. 5, 1903, c. 487, § 2, 32 Stat. 797 (TJ. S. Comp. St. Supp. 1911, p*. 1193), providing that an application for a receiver or trustee of his property, by the alleged bankrupt, being insolvent, or when because of insolvency a receiver or trustee has been put in charge of the property under the laws of the state, shall constitute an act of bankruptcy, and lienee the appointment of receivers for an alleged bankrupt on the ground that it was unable to meet its obligations as they matured in the ordinary course of business did not constitute an act of bankruptcy.</p> <p>| Ed. Note.—For other cases, see Bankruptcy, Cent. Dig. § 80; Dec. Dig. § 00.*</p> <p>For other definitions, see Words and Phrases, vol. 4, pp. 3647-3055; vol. 8, p. 7089.J</p> <p>2. Bankruptcy (§ 00*)—Acts of Bankruptcy—Proof—Proceedings for Appointment of Receivers.</p> <p>Where the appointment of receivers for a corporation ivas claimed as an act of bankruptcy, and the only evidence of the grounds on which they were appointed was the hill, answer, and decree, which bill applied for the appointment on the ground that Hie corporation was unable to meet its obligations as they matured in the ordinary course of business and did not allege that the corporation's property at a fair valuation was insufficient to pay its debts, and the prayer was granted only to the extent of appointing receivers to assume control of the business and conduct the company’s affairs until otherwise ordered