Cash credit limit partnership account death of one partner
This query is : Resolved
04 September 2012
a cash credit limit has been sanctioned in favour of a partnership firm having four partners, as on date one of the partner is dead, partnership deep says that immediate legal heir of deceased well step into the firm and take over all the liabilities of the deceased and for that the remaining partners will have no objection. The property is also mortgaged to the bank. How is the process to be started
thanks
thanks
CA Ayush Agarwal
(Expert)
04 September 2012
So What Says Deed?
Legal Heir Will Be Partner In Place of Deceased?
if Not Then Do Reconstitution, as Death of Partner, & All Balances Related to deceased Transfered to Deceased Partner Account, There After Legal Heir Will Take Care of That
Legal Heir Will Be Partner In Place of Deceased?
if Not Then Do Reconstitution, as Death of Partner, & All Balances Related to deceased Transfered to Deceased Partner Account, There After Legal Heir Will Take Care of That
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