129. Inability to pay debts.

For the above purposes1, the debtor appears to be unable to pay a debt if, but only if, the debt is payable immediately and either:

  1.  

    (1)     the petitioning creditor to whom the debt is owed has served on the debtor a demand ('the statutory demand')2 in the prescribed form requiring him to pay the debt or to secure or compound for it to the satisfaction of the creditor, at least three weeks have elapsed since the demand was served and the demand has been neither complied with nor set aside; or

  2.  

    (2)     execution or other process issued in respect

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