In all cases of insolvency and liquidation provided in this article, the chancery clerk of any county in which such indenture, deed of trust or other instrument of like character is recorded, shall, upon the verified petition of any person interested in any such trust, either as trustee, beneficiary or otherwise, which interest shall be set out in the petition, enter an order directing service on all interested parties either personally or by the publication in some newspaper published in the county, or in some adjoining county if no newspaper is published in the county where such application is made, a notice directed to all persons concerned, commanding and requiring all persons having any interest in the trust, appear in the clerk's office at a day designated in the order and notice, not less than thirty (30) days from the date thereof, and show cause why a new trustee shall not be appointed.