Section 31 - Institution by creditor of insolvency proceedingsAny creditor of an alleged insolvent may, in the court of common pleas of the county where the alleged insolvent resides or his principal place of business is situate, by petition, under oath, aver that such person, persons, firm, limited partnership, joint-stock company or corporation is insolvent, has not made an assignment for the benefit of his, their or its creditors, is resident or is carrying on business in said county; and:
(1). Has called a meeting of his creditors for the purpose of compounding with them, or has exhibited a statement showing his inability to meet his liabilities, or has otherwise acknowledged his insolvency; or,(2). Has absconded or is about to abscond, with intent to defraud any creditor, or to defeat or delay the remedy of any creditor, or to avoid being arrested or served with legal process, or conceals himself within or remains out of the commonwealth, with like intent; or,(3). Secretes or is about to secrete any part of his estate or effects, with intent to defraud his creditors, or to defeat or delay their demands, or any of them; or,(4). Has assigned, removed or disposed of, or is about to assign, remove or dispose of, any part of his property, with intent to defraud, defeat or delay his creditors, or any of them; or,(5). Has been actually imprisoned for more than thirty days, in a civil action, or, being arrested therefor, has escaped from custody; or,(6). Has refused or neglected to comply with any order, judgment or decree for the payment of money, and an execution therefor has been returned unsatisfied; or,(7). Has suffered or permitted any attachment or sequestration to remain against any of his property, without attempting to dissolve, by rule taken for that purpose, or upon entering security for a period of thirty days, or having taken a rule to dissolve which has been discharged by the court, has not entered security within twenty days thereafter; or,(8). Has made any pledge, assignment, transfer, conveyance or encumbrance of the whole or a large part of his stock in trade or property, without being able to meet his liabilities and without the consent of his creditors, either in payment of or as security for a debt then existing, or with the intent to prefer one creditor to another, or out of his usual course of business, or for the benefit of himself or family.1901, June 4, P.L. 404, § 7.