PARTNERSHIP ACT 1895 - SECT 50
PARTNERSHIP ACT 1895 - SECT 50
50 . 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.