Adjudged (by a competent court) insolvent means, the person is relieved of all his liabilities. Adjudged insolvent: a debtor within a meaning of Insolvency Act and committed an act of Insolvency as per law. So adjudged an insolvent means a person who is declared an insolvent by.
In India a minor is not personally responsible for his debts and is not capable of entering into contracts. Therefore a minor can't be adjudicated an insolvent.
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An act of insolvency can be defined as some act of the debtor which shows that he is not (6) When the debtors petitions the court to be adjudged an insolvent.
Any person, who can be made personally liable for contracts entered into by him, may be adjudged an insolvent, provided: • he is a 'debtor' within the meaning.
So, Adjudged an insolvent means “a person who is declared an court for settlement of his liabilities is Jan 1, (liabilities can be settled by.
AS TO BE ADJUDGED BANKRUPT? The term "insolvent" is defined in the Bankruptcy Act the proposition that a partnership could be adjudged a bankrupt.
new petition for sequestration may be filed, and such been adjudged insolvent, the court may proceed in the .. intent and meaning of this Ordinance.