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Modes Of Dissolution-Performance And Discharge Of Contracts
Business Environment and Law-Performance And Discharge Of Contracts
Modes Of Dissolution-Performance And Discharge Of Contracts
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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
2. Completion of adventure or undertaking
3. Death of a partner
4. Insolvency of a partner
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 term2. 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
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)]
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)]
Tags : Business Environment and Law-Performance And Discharge Of Contracts
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