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Partner without notice to others filed for dissolution. What to do?
01-May-2023 (In Corporate Law)
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
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 A notice once given cannot be withdrawn without the consent of other partners.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 46.so second partner cannot escape liability.
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Adv. Siddhant Sharma
Delhi | 200+ Answers
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