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Consequences Of Dissolution-Performance And Discharge Of Contracts
Business Environment and Law-Performance And Discharge Of Contracts
Consequences Of Dissolution-Performance And Discharge Of Contracts
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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Rights where partnership contract is rescinded for fraud or misrepresentations [Sec. 52]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]
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]
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.
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Rights where partnership contract is rescinded for fraud or misrepresentations [Sec. 52]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:
Retirement of a partner:
Expulsion of a partner:
Dissolution of the firm.
Tags : Business Environment and Law-Performance And Discharge Of Contracts
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