Hi all,
I require a very quick piece of information/help from you guys.
In what situtations will the Garner vs Murray Rule not apply?
As far as I know, these are them. Please tell me if there are more.
i) Partnership deed states otherwise.
ii) Partner has debit balance
iii) All partners are insolvent
In a case where there are 3 partners of a firm, and 2 of them are insolvent, does the GvM rule apply? So will 1 partner bear the capital loss of 2 partners fully?
Quick help will be appreciated.
Thank you!!
CAclubindia
