Where one partner has paid a premium1 to another on entering into a partnership for a fixed term, and the partnership is dissolved before the expiration of that term, otherwise than by the death of a partner, the court may order the repayment of the premium or such part of it as it thinks just2. In determining the amount of premium to be returned, the court must have regard to the terms of the partnership agreement and to the length of time during which the partnership has continued3. The premium, being treated as paid for the whole term, is
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BREXIT: As of exit day (31 January 2020), the UK is no longer an EU Member State. However, in accordance with the Withdrawal Agreement, the UK has entered an implementation period, during which it continues to be subject to EU law. This has an impact on this Practice Note. For further guidance on
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