Section 1: Acts of Bankruptcy (As amemended by Section 2 of Bankruptcy (Amendment) Act 1992.)

(1) A debtor commits an act of bankruptcy in each of the following cases-
(a) if a creditor-
(i) has obtained a final judgment or final order against him for any amount, and execution thereon not having been stayed, has a bankruptcy notice served on him; and
(ii) does not, within fourteen days after service of the notice, comply with the requirements of the notice or satisfy the court that he has a counter-claim, set off or cross demand which equals or exceeds the amount of the judgment debt or sum ordered to be paid, and which he could not set up in the action in which the judgment was obtained or the proceedings in which the order was obtained;
and for the purposes of this paragraph and of section 4, any person who is for the time being entitled to enforce a final judgment or final order shall be deemed to be a creditor who has obtained a final judgment or final order; or
(b) if execution against him has been levied by seizure of his goods under process in an action, or proceedings in the court, and the goods have either been sold or held by the bailiff for twenty-one days:
Provided that, where an inter-pleader summons has been taken out in regard to the goods seized, the time elapsing between the date at which such summons is taken out and the date at which the proceedings on such summons are finally disposed of, settled or abandoned, shall not be taken into account in calculating such period of twenty-one days; or
(c) if he files in the court a declaration of his inability to pay his debts or presents a bankruptcy petition against himself;
(d) if he suspends or gives notice that he is about to suspend payment of his debts to any of his creditors; or
(e) if under a credit agreement the creditor becomes entitled to file a bankruptcy petition; or
(f) if, in Nigeria or elsewhere, he makes a conveyance or assignment of his property to a trustee or trustees for the benefit of his creditors generally; or
(g) if, in Nigeria or elsewhere, he makes a frandulent conveyance, gift, delivery or transfer of his property or any part thereof, with an intent to defeat or delay the claim of his creditors; or
(h) if, in Nigeria or elsewhere, he makes any conveyance or transfer of his property or any part thereof, or created any charge thereon, which would under this or any other Act be void as a fraudulent preference if he were adjudged bankrupt; or
(i) if, with intent to defeat or delay the claims of his creditors, he departs out of Nigeria, or being out of Nigeria remains out of Nigeria, or departs from his dwelling, or otherwise absents himself, or begins to keep house.