Report No. 26
4. Petition of insolvency.-Subject to the conditions specified in this Act, if a debtor commits an act of insolvency, an insolvency petition may be presented either by a creditor or by the debtor, and the court may on such petition make an order (hereinafter called an order of adjudication) adjudging him an insolvent.
Explanation.-The presentation of a petition by the debtor shall be deemed to be an act of insolvency within the meaning of the section, and on such petition the court may make an order of adjudication.
[Section 7, P.A.] [Cf. section 10, P.T.A.]