The following Corporate Q&A provides comprehensive and up to date legal information covering:
The Partnership Act 1890 (PA 1890) provides that subject to any agreement between the partners, every partnership is dissolved as regards all the partners by the death or bankruptcy of any partner (PA 1890, s 33(1)). As there is only one surviving partner, the partnership cannot continue and it will be dissolved as from the date of the partner’s death.
PA 1890, s 20(1) provides that all property and rights and interests in property originally brought into the partnership stock or acquired, whether by purchase or otherwise, on account of the firm, or for the purposes and in the course of the partnership business, is ‘partnership property’ and must be held and applied by the partners exclusively for the purposes of the
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