Victorian Consolidated Legislation

Partnership Act 1958 - SECT 43

Rights of partners as to application of partnership property

43. 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 to
the firm, and for that purpose any partner or his representatives may on the
termination of the partnership apply to the court to wind up the business and
affairs of the firm.