Partner insolvency: adjudication terminates partnership status and limits post-adjudication liabilities between firm and insolvent estate. Adjudication of a partner as an insolvent causes that partner to cease to be a partner on the date of the order; if the partnership agreement keeps the firm intact despite adjudication, the insolvent partner's estate is not liable for firm acts after that date, and the firm is not liable for acts of the insolvent done after that date.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
Partner insolvency: adjudication terminates partnership status and limits post-adjudication liabilities between firm and insolvent estate.
Adjudication of a partner as an insolvent causes that partner to cease to be a partner on the date of the order; if the partnership agreement keeps the firm intact despite adjudication, the insolvent partner's estate is not liable for firm acts after that date, and the firm is not liable for acts of the insolvent done after that date.
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