Commentary

352 Ground for winding-up with concurrent insolvency of members

BANKRUPTCY AND INSOLVENCY (INDIVIDUAL INSOLVENCY) vol 3(2)
| Commentary

352 Ground for winding-up with concurrent insolvency of members

| Commentary

(5) WINDING UP OF PARTNERSHIP WITH CONCURRENT INSOLVENCY OF PARTNERS ON CREDITOR'S PETITION

352 Ground for winding-up with concurrent insolvency of members

The only ground on which an insolvent partnership may be wound up, where there is a concurrent insolvency of one or more members, is that it is unable to pay its debts1. However, this does not have its normal meaning2 because the only way it can be proved that a partnership is unable to pay its debts is by service of a statutory demand, as follows. The partnership is deemed to be unable to pay its debts where:

  1. 352.1

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