(1) Unless the firm is being wound up under an order of the Court under section 47 of this Act one or more of the creditors of the firm may institute insolvency proceedings under the Insolvency Act, 1962 (Act 153) against all the partners jointly if the conditions specified in section 9 of that Act are complied with, and for the purposes of such section anything done by or to a firm shall be deemed to be done by or to all the partners jointly.

(2) If a protection order is made against all the partners jointly the order shall have the effect of appointing the Official Trustee to be the liquidator of the firm and, pursuant to section 37 of the Insolvency Act, 1962 (Act 153), as from the date of the order all the interests of the partners and all the powers and authority of the partners in relation to the firm shall vest in the Official Trustee.

(3) A copy of the protection order shall be delivered by the Official Trustee to the Registrar for registration.

(4) If an insolvency order is made against the partners jointly, all the assets of the firm shall be administered by the Official Trustee in accordance with the provisions of the Insolvency Act, 1962 (Act 153) as if they were the joint estate of the partners but the creditors of the firm shall be entitled to prove for such debts as are provable under the provisions of the Insolvency Act, 1962 (Act 153) against both the firm's assets and the separate estate of each partner liable therefor.