Deed of Assignment

[gadge]

Can't quite understand the following annoucement.

In the matter of deed assignment for the benefit of creditors, executed on the 11th August 1916, by John King of Hadleigh Suffolk Auctioneer. The creditors of the above named John King who have not already sent in their claims are required before the 12th August 1917, to send in their names and addresses and particulars of their claims to the undersigned. Solicitors for the trustee, Frank Grimwade of Colchester Essex and execute or assent to the said deed or in default they will be excluded from the devidend to be declared after that date.
Dated this 12th July 1917
Grimwade and Son Hadleigh Suffolk, Solicitors for the trustee.
London Gazette 17th July 1917.

1) Did John King die leaving debts?
2) Why did John King execute this and why?
3) what do the legal terms mean?

Hope you can help

Roy

[km1971]

Hi Roy

There is nothing to suggest that John King is dead. It would say 'deceased' or something similar after his name if he were. Either his auctioneering business has gone bankrupt, or him personally. The Deed of Assignment transfers ownership of something of value - maybe the auctioning business in this case. Grimwades are acting for the creditors and is giving new creditors a last chance to submit their claims.

Presumably auction houses suffered during WW1 with trade drying up.

Ken

[gadge]

Thankyou for your help Ken, it gives me something to go on.

Roy