Compositions | |||
Section 121If insolvent partner enters into composition, trustee of partnership estate may take over his estate(1) When the estate of a partnership and the estate of a partner in that partnership are simultaneously under sequestration, the acceptance of an offer of composition by the separate creditors of the partner shall not take effect until the expiration of a period of six weeks as from the date of a notice in writing of that acceptance given by the trustee of the partner’s separate estate to the trustee of the partnership estate, or if the trustee of the partner’s estate is also the trustee of the partnership estate, as from the date of the acceptance. The said notice shall be accompanied by a copy of the deed embodying the composition.
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