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Business Environment and Law-Performance And Discharge Of Contracts

Modes Of Dissolution-Performance And Discharge Of Contracts

   Posted On :  08.05.2018 12:47 am

A firm may be dissolved in any of the following modes

Modes Of Dissolution
 
 
A firm may be dissolved in any of the following modes
 

By Agreement (Sec. 40)


By Notice (Sec. 43)


On The Happening Of Certain Contingencies (Sec. 42)

1. Expiry of fixed term
2. Completion of adventure or undertaking
3. Death of a partner
4. Insolvency of a partner

Compulsory (Sec 41): 


A firm is dissolved in the following circumstances:
1. Insolvency of all partners or all except one
2. Business becoming unlawful

Dissolution By The Court (Sec 44): 


Section 44 provides that the dissolution of a firm may take place on a suit filed by a partner on any of the following grounds, namely:
1. Insanity of a partner [Section 44(a)]
2. Permanent incapacity [Section 44(b)]
3. Misconduct [Section 44(c)]
4. Persistent breach of agreement [Section 44(d)]
5. Transfer of interest [Sec.44 (e)]
6. Continuous losses[Section 44(f)]

7. Just and equitable causes [Sec.44(g)]

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