Which of the following are the consequences in case of insolvency of partner? 1. The partner adjudicated as insolvent ceases to be a partner. 2. He ceases on the date on which the order of adjudication is made. 3. The firm is dissolved on the date of the order. 4. The estate of the insolvent partner is liable for any act of the firm after the date of the order of adjudication. 5. The firm can be held liable for any acts of the insolvent partners after the date of the order of adjudication. Select the correct answer:

The correct answer is D. 1, 2 and 3.

The consequences of insolvency of a partner are as follows:

1. The partner adjudicated as insolvent ceases to be a partner. This is because the partnership agreement is terminated by the insolvency of a partner.
2. He ceases on the date on which the order of adjudication is made. This is because the order of adjudication is the date on which the partner is declared insolvent.
3. The firm is dissolved on the date of the order. This is because the partnership agreement is terminated by the insolvency of a partner.
4. The estate of the insolvent partner is liable for any act of the firm after the date of the order of adjudication. This is because the estate of the insolvent partner is liable for the debts of the partner, including the debts of the firm.
5. The firm can be held liable for any acts of the insolvent partners after the date of the order of adjudication. This is because the firm is still liable for the debts of the partner, even after the partner has been declared insolvent.

However, it is important to note that the consequences of insolvency of a partner may vary depending on the jurisdiction. It is always advisable to consult with a lawyer to get specific advice on the consequences of insolvency of a partner in your jurisdiction.