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Cover Partnership and LLP Law

7. Dissolution and Winding Up  

This chapter details the various grounds for the dissolution of a solvent partnership, contractual, automatic and by court order, followed by the processes whereby either a full dissolution is effected by a winding up or on a technical dissolution a departing partner's share is ascertained The effects of the death or bankruptcy of a partner and the illegality of the partnership business are considered along with agreed dissolution grounds. The various grounds for a court order are then set out. The effects of the frustration, rescission or repudiation of the partnership agreement are detailed. Winding up by the partners or receivers is then set out including the application of the assets on a winding up. The valuation of a partner's share on leaving is considered followed by his or her share in the profits after the technical dissolution until payment. Finally, the distribution of assets on a final account, is set out.