A firm carrying on business as railway contractors, being largely indebted to other creditors, and having as practically its only available asset moneys owing by the Railways Commissioners consisting of a deposit receipt in face value of 1500l. and 400l. in cash, being pressed by one creditor, S., promised to give him, upon settlement with the Commissioners, the deposit receipt, subject to the payment thereout of a sum of 75l. owing to the firm’s solicitors. Before the deed assigning the deposit receipt was executed, the 400l. was attached by another creditor. The firm then assigned to S. the deposit receipt in discharge of the debt owing by it. The petitioning creditor, the Colonial Bank, to whom the firm was largely indebted, and who had obtained judgment on a writ issued against the firm prior to the execution of the assignment, sought to sequestrate the estate of the firm, alleging the assignment of the deposit as an act of insolvency, on the ground that the firm had thereby parted with all its property with intent to defeat and delay its creditors within the meaning of sec. 37, sub-sec. (11) of Act No. 1102.