Distribution of assets, Business Law and Ethics

Distribution of Assets

A general rule the Articles of Partnership contains complete regulations like to the rights of partners in such an dissolution. Whether in the absence of that provisions, the subsequent will apply: like;

Conversely the assets or property of the firm must be applied in such paying off the creditors of that firm. Although the assets remaining are to be applied in that paying off the partners the amounts such are due to them like partners by (Section 39). However the assets of the partnership, together about any amounts contributed through partners to make up a deficiency such are to be distributed as follows: like;

(a)In paying off all creditors of the firm who that are not partners. And one is

(b)In paying off rateably any loans made through partners to the firm - such loans being distinguished from capital. And one is

(c)In paying rateably to the partners the amounts because to them in respect of capital. And one is

(d)Any surplus remains it is for be shared among the partners into the proportion in that they share profits by Section 48. So it.

However the rule in Garner v. Murray: like three partners, G, M and W, agreed for contribute in unequal proportions for the partnership capital and for share profits uniformly. Thus here was a loss on realisation so, and, at through the dissolution of the partnership there, W, being insolvent like, whether could not make good the deficiency at his capital such account. However it was held like G and M, before being paid rateably such was because to them in respect of such capital, might each contribute an amount for make good the deficiency of W, there into proportion to the last agreed balance at their capital accounts there.

Posted Date: 1/30/2013 7:55:07 AM | Location : United States







Related Discussions:- Distribution of assets, Assignment Help, Ask Question on Distribution of assets, Get Answer, Expert's Help, Distribution of assets Discussions

Write discussion on Distribution of assets
Your posts are moderated
Related Questions
State Article 24 and 25 of air and outer space law Article 24 states that the aircraft on a flight to, from, or across the territory of another contracting State shall be admit

On which convention International humanitarian law is based International humanitarian law  is  not  wholly  based  on  the  Geneva  Convention and  Hague convention. These law

1. What is purpose of section 91 and section 92 of the Constitution Act, 1982? 2. Explain the risk assumed by an unlicensed tradesperson (eg. Electrician or Plumber) when ent

Determine the term Uncertainty - Policy process We know that uncertainty is one of main influencing factor in policy process and especially in coordination of economic policies

Laws relating to air and outer space as follows: Article 1 states that the contracting states should recognize that every state has complete and exclusive sovereignty over the

State Article 22 of international law Article 22 declares the premises of the mission as inviolable and agents of receiving State are not to enter them without the consent of

Define the Conceptual strength of stages model The stages model has a number of conceptual strengths. First, it emphasizes a process of policy making that cuts across and bridg

Determine about the Principal-agent theories Wwhich concentrate especially on the problems of asymmetric information among the parties to a contract: the impossibility to perfe

how can a receiving order be rescinded?

State Article 15 of air and outer space law Article  15  states  that  any  charges  that  may  be  imposed  or  permitted  to  be  imposed  by  a contracting State for the use