- A debtor commits an act of insolvency in each of the following cases, namely;-(a)if he makes a transfer of all or substantially all his property to a third person for the benefit of his creditors generally;(b)if he makes a transfer of his property or of any part thereof with intent to defeat or delay his creditors;(c)if he makes any transfer of his property or of any part thereof, which would, under this or any other enactment for the time being in force, be void as fraudulent preference if he were adjudged an insolvent;(d)if, with intent to defeat or delay his creditors-(i)he departs or remains out of the State,(ii)he departs from his dwelling-house or usual place of business or otherwise absents himself,(iii)he secludes himself so as to deprive his creditors of the means of communicating with him;(e)if any of his property has been sold in execution of the decree of any Court for the payment of money;(f)if he petitions to be adjudged an insolvent under the provisions of this Act;(g)if he gives notice to any of his creditors that he has suspended, or that he is about to suspend, payment of his debts; or(h)if he is imprisoned in execution of the decree of any Court for the payment of money.Explanation. - For the purposes of this section the act of an agent may be the act of the principal.Petition.
