Section 8: Debtor's petition and order thereon.

(1) A debtor's petition shall allege that the debtor is unable to pay his debts, and the presentation thereof shall be deemed an act of bankruptcy without the previous filing by the debtor of any declaration of inability to pay his debts, and the court shall thereupon make a receiving order:
Provided that, it shall be lawful for the court in its discretion to refuse the order if it is not satisfied that the assets for division among the unsecured creditors after payment of all costs, charges and expenses, and the debts which are preferential under this Act, will be sufficient to pay a dividend of fifteen per cent, or if the court considers for other sufficient cause that no order ought to be made.
(2) In subsection (1) of this section "sufficient cause" includes the non-attendance of the debtor, or in the case of a firm, of at least one of the partners thereof, on the hearing of the petition, the absence of any material book of account, or any fraud or misconduct not amounting to fraud by the debtor in relation to his affairs, or in the case of a firm or person carrying on business under a foreign firm name, the non-production of the partnership book or of the receipt used in connection with the business.
(3) A debtor's petition shall not after presentment be withdrawn without the leave of the court.