Which act allows for termination

Question

Which act allows for termination, in the absence of express agreement?

Answer 1

In the absence of express agreement, the Partnerships Act specifies rules governing termination. In particular, the Act allows for termination in a number of ways:

1. Expiration of a fixed term, if there was one;

2. Notice by a partner to the others;

3. Death, bankruptcy, or insolvency of any partner;

4. Charge or assignment of a partner's interest;

5. Application to the court by one or more partners under certain circumstances (e.g., partner becomes incompetent or incapable, acts prejudicial to the business, or breaches the partnership agreement); or

6. Agreement of the partners. On dissolution of a partnership, section 44 of the Partnerships Act provides a framework for dealing with claims against the partnership.