Advantages And Disadvantages Of Dissolution Of Partnership
PART V : METHODS IN DISSOLVING PARTNERSHIP
What is dissolution of partnership? Dissolution of the partnership is the process between all the partners of the end of the partnership business. Dissolution of partnership may happen in various kind situation. It not affect the partners themselves and the entity of the firm which continues to remain as usual. A dissolution of partnership can be divided by court order and without court order.
In others words, the partnership can be dissolved in the following cases, without the order of the court such as by agreement, by death or bankruptcy, by charging on the shares, by supervening illegality and by operation of law.
The first is dissolution by agreement. The partnership is dissolved on the expiration
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Section 34(1)(a) Partnership Act 1961 stated that if the partnership was entered into a fixed term and the terms expires, it may result in dissolution of partnership. Moreover, Section 34(1)(b) Partnership Act 1961, dissolution of partnership may happen if the partnership was made for a single venture or compliance and adventures or commitment to termination. According to Section 34(1)(c) Partnership Act 1961, if the partnership entered into for an undefined time, or any partner who ask for the termination of the partnership by giving notice to other partners of his intention to determine the end of partnership. In case Sukhinderjit Singh Muker v Arumugam Deva Rajah (1998), there is a facts that in 1977 the plaintiff was undertaken in a legal firm known as Lovelace & Hastings as a partners by the defendant and also Marjoribanks. In 1985, Marjoribanks retires as a partner and therefore the plaintiff and the defendant carried on the business as partners under the name of the firm. There was differences began between the plaintiff and defendant. The plaintiff then had the intention to dissolve the partnership by giving the notice to the defendant as from 31 July 1997. It was obvious from the ensuing correspondence between the defendant and plaintiff that the defendant initially accepted the facts that the partnership was dissolved. Depending to the dissolution of the partnership agreement, the plaintiff then proceeded to establish his own practice but the defendant continued carry on the business of the firm of Lovelace & Hastings on his own. The plaintiff filed an originating summons, seeking for as following circumstances. The first is there was a declaration that the partnership had been dissolved as at 31 July 1997 that under the name and style of Lovelace & Hastings. Moreover, the order appointing a receiver and manager. Next, the order stated a restraint
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