In re Purcell

CHOATE, District Judge.

This is an application for an order for a second meeting, in composition. The composition proposed is one per cent, on the dollar, payable within ten days after the confirmation of the composition.

1. It is objected, first, that a composition, for one per cent, should not be allowed; that it is a merely nominal composition and a fraud upon the law. The statute, however,, allows any composition which is satisfactory to the requisite majority of the creditors and which is for the best interests of all concerned. In this case the debtor’s statement does not show assets…