Dissolution of firm law

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M wants to unilaterally terminate his partnership, but the partnership agreement requires mutual agreement of all partners. Under Section 40, termination can only be done through mutual consent. A was a partner entitled to 3/8 of profits but became insolvent. B and C continued the business without paying A's share. A is entitled to profits earned from his share of the assets used in the business after his insolvency, as the partnership dissolved under Section 42 when he became insolvent.

CaseDissolution by Mutual AgreementM and E were partners under an agreement which provided that partnership could be terminated by Mutual Agreement only. M alone wants to terminate the partnership.Question :- Can he do so?

VerdictNo, he cannot do so because under sec 40 because it can be only done by mutual consent of all the partners.Sec- 40.

CaseRight to have Business wound up.A, B and C are partners in a business. A is entitled, according to the terms of the partnership contract, to three- eighths of the partnership property and profits. A becomes insolvent but B and C continues the business under same name without paying out A’s share of assets of the firm or settling his account.

Question :- Is A entitled to any of the profits made in the business by the firm after the date of his insolvency?Verdict:-Yes, If 1 partner is declared as insolvent, the partnership is dissolved {sec.42}A, therefore, ceases to be a Partner. His estate is entitled to such share of profits in the firm as much his share of property is used in the firm .Sec – 46

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Dissolution of firm law

1. CaseDissolution by Mutual AgreementM and E were partners under an agreement which provided that partnership could be terminated by Mutual Agreement only. M alone wants to terminate the partnership.Question :- Can he do so?

2. VerdictNo, he cannot do so because under sec 40 because it can be only done by mutual consent of all the partners.Sec- 40.

3. CaseRight to have Business wound up.A, B and C are partners in a business. A is entitled, according to the terms of the partnership contract, to three- eighths of the partnership property and profits. A becomes insolvent but B and C continues the business under same name without paying out A’s share of assets of the firm or settling his account.

4. Question :- Is A entitled to any of the profits made in the business by the firm after the date of his insolvency?Verdict:-Yes, If 1 partner is declared as insolvent, the partnership is dissolved {sec.42}A, therefore, ceases to be a Partner. His estate is entitled to such share of profits in the firm as much his share of property is used in the firm .Sec – 46

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Dissolution of firm law

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Dissolution of firm law