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Business Environment and Law-Performance And Discharge Of Contracts

Consequences Of Dissolution-Performance And Discharge Of Contracts

   Posted On :  08.05.2018 12:50 am

The consequences of dissolution are as follows:

Consequences Of Dissolution
 
 
The consequences of dissolution are as follows:
 
 
            Continuous liability if fails to give a public notice [Sec. 45]
            Continuous authority of partners for purposes of winding up [Sec. 47]
            Right to have the business wound up [Sec. 46]
            Right to return of premium [Sec. 51]
            Rights where partnership contract is rescinded for fraud or misrepresentations [Sec. 52]
            Rights to impose restrictions [Sec. 53]
            Liability to share personal profits [Sec. 50]
 

Settlement Of Accounts Upon Dissolution

 
            Treatment of goodwill
 
            Meeting losses [Sec.48 (a)]
 
            Order of applications of assets [Sec.58(a)]
 
            Losses arising from insolvency of a partner
 
            Payment of firm’s debts and separate debts [Sec. 49]

 

Public Notice

 
 
The Partnership Act requires that a public notice must be given in each of the following cases:

            On Minor Attaining Majority:
 
            Retirement of a partner:
 
            Expulsion of a partner:
 
            Dissolution of the firm.
 
 

 

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