Partnership dissolution
This query is : Resolved
27 July 2014
If a partner is insolvent and firm is sold to a company then will the insolvent partner get a share in the shares issued by the company??
CA UMESH DULAL
(Expert)
28 July 2014
if his assets are more than his liability, then there is no way the partner becomes insolvent.
If his assets are less than his liability, then there is question of insolvency. If he becomes insolvent, he is disqualify to enter into agreement, so in that case, he is not entitled to share of company...
If his assets are less than his liability, then there is question of insolvency. If he becomes insolvent, he is disqualify to enter into agreement, so in that case, he is not entitled to share of company...
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