Case ID: nj-eq_125/html/0336-01.html
Source: Caselaw Access Project
Author: {"author": "Stein, Y. C.", "license": "Public Domain", "url": "https://static.case.law/"}
Date Created: 2024-08-24T03:29:51.129683

Slade Bros., Inc., a corporation, complainant, v. Eagle’s Meat and Poultry Market, a corporation, defendant.
    [Decided April 18th, 1939.]
    
      Mr. Morris M. Ravin, for the complainant.
    
      Mr. David Gaslelbaum, for the defendant.
   Stein, Y. C.

Complainant alleges a debt due him of $266.24. The bill is before me with notice of an application for the appointment of a receiver and answer on the part of the defendant corporation admitting insolvency.

The bill alleges that the assets of the corporation (consisting of fixtures in a meat market) are of an approximate value of $1,000, and that there is due the landlord the sum of $300 for rent for which he threatens to distrain and taxes due the city of Newark in the sum of $120, without interest.

The purpose of the statute R. 8. (1937), which is the preservation of the interest of the stockholders and creditors would not be accomplished by the appointment of a receiver herein. Such appointment would only add an additional burden upon the estate and tend to eat up the available assets. Glaser v. Achtel-Stetter’s Restaurant, Inc., 106 N. J. Eq. 150; 149 Atl. Rep. 44.

Exercising the discretion residing in the court, the appointment of a receiver is denied.