Adjudication of bankrupt where composition is not accepted or approved

(1) Where a receiving order is made against a debtor, then, if, (a) the creditors at the first meeting or any adjournment thereof by ordinary resolution resolve that the debtor be adjudged bankrupt, or pass no resolution; (b) the creditors do not meet; or (c) a composition or scheme is not accepted or approved in pursuance of this Act within fourteen days after the conclusion of the examination of the debtor or such further time as the court may allow, the court shall adjudge the debtor bankrupt, and thereupon the property of the bankrupt shall become divisible among his creditors and shall vest in a trustee. (2) Notice of every order adjudging a debtor bankrupt stating the name, address and description of the bankrupt, and the date of the adjudication, shall be Gazetted and advertised in 23 a local paper in the prescribed manner, and the date of the order shall for the purpose of this Act be the date of the