Partner without notice to others filed for dissolution. What to do?

partnership firm jointly oeprated,second partner without giving notice filed a case to dissolve without telling the court about BANK loan.can he escape frm liability please guide

Answers (1)

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In this case partnership firm can be dissolved in two ways under Law Of Partnership Firstly, By Agreement (S.40):- A partnership firm can be dissolved any time with the consent of all the partners whether the partnership is at will or for a fixed duration. A partnership can be dissolved in accordance with the terms of the Partnership Deed or of the separate agreement. Secondly By Dissolution by notice (S.43) :-In case of partnership at will, a partner can dissolve it by giving written notice of dissolution to other partners duly signed by him. Notice must be very clear and certain. A notice once given cannot be withdrawn without the consent of other partners. Further, winding up of a business involves two things .One of them s to realise assests of the business and other is to pay liabilities and finally distribute the surplus as provided under section second partner cannot escape liability.

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