diff --git a/src/ctx.cpp b/src/ctx.cpp
index 59f3be98..11e72f2a 100644
--- a/src/ctx.cpp
+++ b/src/ctx.cpp
@@ -127,6 +127,11 @@ zmq::ctx_t::~ctx_t ()
     tag = ZMQ_CTX_TAG_VALUE_BAD;
 }
 
+bool zmq::ctx_t::valid () const
+{
+    return term_mailbox.valid ();
+}
+
 int zmq::ctx_t::terminate ()
 {
     slot_sync.lock();
@@ -146,7 +151,6 @@ int zmq::ctx_t::terminate ()
     terminating = saveTerminating;
 
     if (!starting) {
-
 #ifdef HAVE_FORK
         if (pid != getpid ()) {
             // we are a forked child process. Close all file descriptors
@@ -320,47 +324,83 @@ int zmq::ctx_t::get (int option_)
     return rc;
 }
 
+bool zmq::ctx_t::start ()
+{
+    //  Initialise the array of mailboxes. Additional three slots are for
+    //  zmq_ctx_term thread and reaper thread.
+    opt_sync.lock ();
+    int mazmq = max_sockets;
+    int ios = io_thread_count;
+    opt_sync.unlock ();
+    slot_count = mazmq + ios + 2;
+    slots = (i_mailbox **) malloc (sizeof (i_mailbox *) * slot_count);
+    if (!slots) {
+        errno = ENOMEM;
+        goto fail;
+    }
+
+    //  Initialise the infrastructure for zmq_ctx_term thread.
+    slots[term_tid] = &term_mailbox;
+
+    //  Create the reaper thread.
+    reaper = new (std::nothrow) reaper_t (this, reaper_tid);
+    if (!reaper) {
+        errno = ENOMEM;
+        goto fail_cleanup_slots;
+    }
+    if (!reaper->get_mailbox ()->valid ())
+        goto fail_cleanup_reaper;
+    slots[reaper_tid] = reaper->get_mailbox ();
+    reaper->start ();
+
+    //  Create I/O thread objects and launch them.
+    for (int32_t i = (int32_t) slot_count - 1; i >= (int32_t) 2; i--) {
+        slots[i] = NULL;
+    }
+
+    for (int i = 2; i != ios + 2; i++) {
+        io_thread_t *io_thread = new (std::nothrow) io_thread_t (this, i);
+        if (!io_thread) {
+            errno = ENOMEM;
+            goto fail_cleanup_reaper;
+        }
+        if (!io_thread->get_mailbox ()->valid ()) {
+            delete io_thread;
+            goto fail_cleanup_reaper;
+        }
+        io_threads.push_back (io_thread);
+        slots [i] = io_thread->get_mailbox ();
+        io_thread->start ();
+    }
+
+    //  In the unused part of the slot array, create a list of empty slots.
+    for (int32_t i = (int32_t) slot_count - 1; i >= (int32_t) ios + 2; i--) {
+        empty_slots.push_back (i);
+    }
+
+    starting = false;
+    return true;
+
+fail_cleanup_reaper:
+    reaper->stop ();
+    delete reaper;
+    reaper = NULL;
+
+fail_cleanup_slots:
+    free (slots);
+    slots = NULL;
+
+fail:
+    return false;
+}
+
 zmq::socket_base_t *zmq::ctx_t::create_socket (int type_)
 {
-    scoped_lock_t locker(slot_sync);
+    scoped_lock_t locker (slot_sync);
 
     if (unlikely (starting)) {
-
-        starting = false;
-        //  Initialise the array of mailboxes. Additional three slots are for
-        //  zmq_ctx_term thread and reaper thread.
-        opt_sync.lock ();
-        int mazmq = max_sockets;
-        int ios = io_thread_count;
-        opt_sync.unlock ();
-        slot_count = mazmq + ios + 2;
-        slots = (i_mailbox **) malloc (sizeof (i_mailbox*) * slot_count);
-        alloc_assert (slots);
-
-        //  Initialise the infrastructure for zmq_ctx_term thread.
-        slots [term_tid] = &term_mailbox;
-
-        //  Create the reaper thread.
-        reaper = new (std::nothrow) reaper_t (this, reaper_tid);
-        alloc_assert (reaper);
-        slots [reaper_tid] = reaper->get_mailbox ();
-        reaper->start ();
-
-        //  Create I/O thread objects and launch them.
-        for (int i = 2; i != ios + 2; i++) {
-            io_thread_t *io_thread = new (std::nothrow) io_thread_t (this, i);
-            alloc_assert (io_thread);
-            io_threads.push_back (io_thread);
-            slots [i] = io_thread->get_mailbox ();
-            io_thread->start ();
-        }
-
-        //  In the unused part of the slot array, create a list of empty slots.
-        for (int32_t i = (int32_t) slot_count - 1;
-              i >= (int32_t) ios + 2; i--) {
-            empty_slots.push_back (i);
-            slots [i] = NULL;
-        }
+        if (!start ())
+            return NULL;
     }
 
     //  Once zmq_ctx_term() was called, we can't create new sockets.
diff --git a/src/ctx.hpp b/src/ctx.hpp
index 500b75e5..10a4d076 100644
--- a/src/ctx.hpp
+++ b/src/ctx.hpp
@@ -133,7 +133,10 @@ namespace zmq
 
         ~ctx_t ();
 
+        bool valid() const;
+
     private:
+        bool start();
 
         struct pending_connection_t
         {
diff --git a/src/io_thread.cpp b/src/io_thread.cpp
index 65e1f6a3..35635ca2 100644
--- a/src/io_thread.cpp
+++ b/src/io_thread.cpp
@@ -37,13 +37,16 @@
 #include "ctx.hpp"
 
 zmq::io_thread_t::io_thread_t (ctx_t *ctx_, uint32_t tid_) :
-    object_t (ctx_, tid_)
+    object_t (ctx_, tid_),
+    mailbox_handle (NULL)
 {
     poller = new (std::nothrow) poller_t (*ctx_);
     alloc_assert (poller);
 
-    mailbox_handle = poller->add_fd (mailbox.get_fd (), this);
-    poller->set_pollin (mailbox_handle);
+    if (mailbox.get_fd () != retired_fd) {
+        mailbox_handle = poller->add_fd (mailbox.get_fd (), this);
+        poller->set_pollin (mailbox_handle);
+    }
 }
 
 zmq::io_thread_t::~io_thread_t ()
@@ -109,6 +112,8 @@ zmq::poller_t *zmq::io_thread_t::get_poller ()
 
 void zmq::io_thread_t::process_stop ()
 {
-    poller->rm_fd (mailbox_handle);
+    if (mailbox_handle) {
+        poller->rm_fd (mailbox_handle);
+    }
     poller->stop ();
 }
diff --git a/src/mailbox.cpp b/src/mailbox.cpp
index 14633fab..8d814a03 100644
--- a/src/mailbox.cpp
+++ b/src/mailbox.cpp
@@ -99,3 +99,8 @@ int zmq::mailbox_t::recv (command_t *cmd_, int timeout_)
     zmq_assert (ok);
     return 0;
 }
+
+bool zmq::mailbox_t::valid () const
+{
+    return signaler.valid ();
+}
diff --git a/src/mailbox.hpp b/src/mailbox.hpp
index e3fcbb31..0e060269 100644
--- a/src/mailbox.hpp
+++ b/src/mailbox.hpp
@@ -54,6 +54,8 @@ namespace zmq
         void send (const command_t &cmd_);
         int recv (command_t *cmd_, int timeout_);
 
+        bool valid () const;
+
 #ifdef HAVE_FORK
         // close the file descriptors in the signaller. This is used in a forked
         // child process to close the file descriptors so that they do not interfere
diff --git a/src/reaper.cpp b/src/reaper.cpp
index 82935b64..5c53e1d0 100644
--- a/src/reaper.cpp
+++ b/src/reaper.cpp
@@ -36,9 +36,13 @@
 zmq::reaper_t::reaper_t (class ctx_t *ctx_, uint32_t tid_) :
     object_t (ctx_, tid_),
     mailbox_handle((poller_t::handle_t)NULL),
+    poller (NULL),
     sockets (0),
     terminating (false)
 {
+    if (!mailbox.valid ())
+        return;
+
     poller = new (std::nothrow) poller_t (*ctx_);
     alloc_assert (poller);
 
@@ -64,13 +68,17 @@ zmq::mailbox_t *zmq::reaper_t::get_mailbox ()
 
 void zmq::reaper_t::start ()
 {
+    zmq_assert (mailbox.valid ());
+
     //  Start the thread.
     poller->start ();
 }
 
 void zmq::reaper_t::stop ()
 {
-    send_stop ();
+    if (get_mailbox ()->valid ()) {
+        send_stop ();
+    }
 }
 
 void zmq::reaper_t::in_event ()
diff --git a/src/select.cpp b/src/select.cpp
index 58af98d9..1e09728e 100644
--- a/src/select.cpp
+++ b/src/select.cpp
@@ -55,6 +55,7 @@ zmq::select_t::select_t (const zmq::ctx_t &ctx_) :
 #else
     maxfd (retired_fd),
 #endif
+    started (false),
     stopping (false)
 {
 #if defined ZMQ_HAVE_WINDOWS
@@ -65,7 +66,10 @@ zmq::select_t::select_t (const zmq::ctx_t &ctx_) :
 
 zmq::select_t::~select_t ()
 {
-    worker.stop ();
+    if (started) {
+        stop ();
+        worker.stop ();
+    }
 }
 
 zmq::select_t::handle_t zmq::select_t::add_fd (fd_t fd_, i_poll_events *events_)
@@ -257,6 +261,7 @@ void zmq::select_t::reset_pollout (handle_t handle_)
 void zmq::select_t::start ()
 {
     ctx.start_thread (worker, worker_routine, this);
+    started = true;
 }
 
 void zmq::select_t::stop ()
diff --git a/src/select.hpp b/src/select.hpp
index e76ebcaa..949868a2 100644
--- a/src/select.hpp
+++ b/src/select.hpp
@@ -166,6 +166,9 @@ class select_t : public poller_base_t
     static fd_entries_t::iterator
     find_fd_entry_by_handle (fd_entries_t &fd_entries, handle_t handle_);
 
+    //  If true, start has been called.
+    bool started;
+
     //  If true, thread is shutting down.
     bool stopping;
 
diff --git a/src/signaler.cpp b/src/signaler.cpp
index 4afffdd0..8f4c2923 100644
--- a/src/signaler.cpp
+++ b/src/signaler.cpp
@@ -372,6 +372,11 @@ int zmq::signaler_t::recv_failable ()
     return 0;
 }
 
+bool zmq::signaler_t::valid () const
+{
+    return w != retired_fd;
+}
+
 #ifdef HAVE_FORK
 void zmq::signaler_t::forked ()
 {
@@ -398,7 +403,7 @@ int zmq::signaler_t::make_fdpair (fd_t *r_, fd_t *w_)
         errno_assert (errno == ENFILE || errno == EMFILE);
         *w_ = *r_ = -1;
         return -1;
-    }
+    } 
     else {
         *w_ = *r_ = fd;
         return 0;
diff --git a/src/signaler.hpp b/src/signaler.hpp
index 12de2f08..ec9a7270 100644
--- a/src/signaler.hpp
+++ b/src/signaler.hpp
@@ -51,12 +51,16 @@ namespace zmq
         signaler_t ();
         ~signaler_t ();
 
+        // Returns the socket/file descriptor 
+        // May return retired_fd if the signaler could not be initialized.
         fd_t get_fd () const;
         void send ();
         int wait (int timeout_);
         void recv ();
         int recv_failable ();
 
+        bool valid () const;
+
 #ifdef HAVE_FORK
         // close the file descriptors in a forked child process so that they
         // do not interfere with the context in the parent process.
@@ -70,7 +74,8 @@ namespace zmq
         static int make_fdpair (fd_t *r_, fd_t *w_);
 
         //  Underlying write & read file descriptor
-        //  Will be -1 if we exceeded number of available handles
+        //  Will be -1 if an error occurred during initialization, e.g. we 
+        //  exceeded the number of available handles
         fd_t w;
         fd_t r;
 
diff --git a/src/socket_poller.cpp b/src/socket_poller.cpp
index 3bda68e2..e09ade28 100644
--- a/src/socket_poller.cpp
+++ b/src/socket_poller.cpp
@@ -111,8 +111,19 @@ int zmq::socket_poller_t::add (socket_base_t *socket_, void* user_data_, short e
     zmq_assert (rc == 0);
 
     if (thread_safe) {
-        if (signaler == NULL)
-            signaler = new signaler_t ();
+        if (signaler == NULL) {
+            signaler = new (std::nothrow) signaler_t ();
+            if (!signaler) {
+                errno = ENOMEM;
+                return -1;
+            }
+            if (!signaler->valid ()) {
+                delete signaler;
+                signaler = NULL;
+                errno = EMFILE;
+                return -1;
+            }
+        }
 
         rc = socket_->add_signaler (signaler);
         zmq_assert (rc == 0);
diff --git a/src/zmq.cpp b/src/zmq.cpp
index 9d4c0063..dbe1a2db 100644
--- a/src/zmq.cpp
+++ b/src/zmq.cpp
@@ -161,7 +161,12 @@ void *zmq_ctx_new (void)
 
     //  Create 0MQ context.
     zmq::ctx_t *ctx = new (std::nothrow) zmq::ctx_t;
-    alloc_assert (ctx);
+    if (ctx) {
+        if (!ctx->valid ()) {
+            delete ctx;
+            return NULL;
+        }
+    }
     return ctx;
 }