LawRato

How can a retired partner safeguard himself after retirement


19-Mar-2023 (In Corporate Law)
1. There is an “Unregistered” Partnership agreement between two individuals on stamp paper dated Jan-2010 which has been just franked by a bank 2. In Mar-2010, one of those partners retired and onboarded a new partner - On a stamp paper, with just signatures of continuing partner, retired partner and new partner. This stamp paper is neither notarized, nor franked, nor registered 3. Post Mar-2010, lot of questionable transactions have taken place in the name of the said partnership, which has raised the no. of creditors, who are planning to move court and intiate legal proceedings to recover money How can the retired parter safeguard himself here since he wasn’t involved in the partnership during the questionable transactions and retired way before all this happened?
Answers (2)

Answer #1
510 votes
Dear Client, As a retiring partner, if you have the proofs of retirement before the said deals, you can defend your self before the Court of Law. Creditors will surely drag you in to this transaction, stating you are a partner, but you need to reply to all the notices rcvd from them. Expert Jurist LLP
Helpful? LawRato LawRato
Advocate JV Bhosale

Adv. JV Bhosale

LawRato Mumbai | 400+ Answers
Chat with Advocate JV Bhosale Chat 
Answer #2
738 votes
Respected Sir, With respect to your query if there is another document to that the partner has been changed along with corrobotion of few other evidence that you retired in mar 2010 then there is a possibility to safeguard yourself. For starters you have to be friend of court or if it's under investigation come in the front and speak to the authorities to intimate them about your retirement. Regards, Saqib Gigani
Helpful? LawRato LawRato
Advocate Saqib Gigani

Adv. Saqib Gigani

LawRatoMumbai | 50+ Answers
Chat with Advocate Saqib Gigani Chat 

Disclaimer: The above query and its response is NOT a legal opinion in any way whatsoever as this is based on the information shared by the person posting the query at lawrato.com and has been responded by one of the Divorce Lawyers at lawrato.com to address the specific facts and details.

Report abuse?

Connect with top Corporate lawyers for your specific legal issue
Connect with a Lawyer
Comments by Users

No Comments! Be the first one to comment.

"lawrato.com has handpicked some of the best Legal Experts in the country to help you get practical Legal Advice & help."

All Answers

Googling your legal issue online?

The internet is not a lawyer and neither are you.
Talk to a real lawyer about your legal issue.

LawRato