Partnership Act 1908

  • repealed
  • Partnership Act 1908: repealed, on 21 April 2020, by section 85 of the Partnership Law Act 2019 (2019 No 53).
42 Rights of partners as to application of partnership property

On the dissolution of a partnership every partner is entitled as against the other partners in the firm, and all persons claiming through them in respect of their interests as partners, to have the property of the partnership applied in payment of the debts and liabilities of the firm, and to have the surplus assets after such payment applied in payment of what may be due to the partners respectively after deducting what may be due from them as partners of the firm; and for that purpose any partner or his or her representatives may, on the termination of the partnership, apply to the court to wind up the business and affairs of the firm.

Compare: 1891 No 6 s 42