other than those received from the bankrupt except $2,500 which the bankrupt's wife borrowed to put into it. The bankrupt's wife lent $2,000 of the borrowed money to the new company and, with the remaining $500, acquired all its capital stock. The consent of the business creditors to the transfer and to the deferment of their debts was conditioned on the payment of the $2,500 into the new company by the bankrupt's wife.
The transfer was a bulk sale and the new company complied with the Bulk Sales Act, former New York Personal Property Law, § 44. The new company gave advance notice of the sale to all the bankrupt's creditors and disclosed in the notice the terms of the proposed sale, giving the names and the amounts ofthe claims of the relatively few creditors who were being promised payment.
The bankrupt and his wife both were directors of the new company from its inception. The bankrupt's wife became its president; the bankrupt worked for it as a salesman. Husband and wife were each paid $75 weekly as salary. Starting in March 1956, the bankrupt's wife commenced repaying the loan of $2,500 at the rate of $100 a month; the funds to do so were derived from the salary the new company paid her. A part of the wife's salary was also used to maintain the couple's home; the indication of the evidence is that the couple's salaries from the new company were the support of their home.
Later on the new company by negotiation with the business