With reference to the provisions of Indian partnership Act, 1932 explain the various effects of insolvency of a partner.

Effects of insolvency of a partner (Section 34 of the Indian Partnership Act, 1932): (i) The insolvent partner cannot be continued as a partner. (ii) He will be ceased to be a partner from the very date on which the order of adjudication is made. (iii) The estate of the insolvent partner is not liable for the acts of the firm done after the date of order of adjudication. (iv) The firm is also not liable for any act of the insolvent partner after the date of the order of adjudication, (v) Ordinarily, the insolvency of a partner results in dissolution of a firm; but the partners are competent to agree among themselves that the adjudication of a partner as an insolvent will not give rise to dissolution of the firm.