A debtor commits an act of insol vency in each of the following cases, namely;-
(a) if he makes a transfer of all or substant!ally al~ 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 enactme~t 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, ( 1i) he departs from his dwelling-house or usual place of busmess or otherwise absents h1mself,
(ui) 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 executign 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) 1f 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.