Section 5: Liability of firm to have receiving order made against it.

The following provisions shall have effect in the case of a firm carrying on business in Nigeria-(a) a creditor of the firm shall be entitled to present a bankruptcy petition against the firm, and a receiving order may be made against the firm in respect of an act of bankruptcy committed in reference to the business of the firm by any partner of the firm or by any person having control or management of the business of the firm. An act of bankruptcy shall be deemed to be committed in reference to the business of the firm in all cases in which the act relates to the property or creditors of the firm and would be an act of bankruptcy by such partner or person as aforesaid if it related to his property or creditors;
(b) it shall be sufficient that a receiving order against the firm be made in the firm's name, without mentioning the names of the partners, and such receiving order shall affect the joint and separate property of all the partners;
(c) the right of a creditor to present a bankruptcy petition against the firm, and the jurisdiction of the court to make a receiving order or an adjudication of bankruptcy against the firm, shall not be affected by the fact, if it is so, that all or any of the partners of the firm are not citizens of Nigeria or are not resident in Nigeria.