https://www.taxtmi.com/caselaws?id=98286 A company may be regarded as a quasi-partnership only within the limits of its articles. Bankruptcy of a participant did not, by itself, justify compulsory winding up where the articles expressly provided for transmission of the bankrupt member's interest to the trustee. Sale of the business and investment of the proceeds were consistent with the company's objects and did not amount to grounds for winding up. The profit-sharing arrangement also did not show unfairness or a basis for loss of confidence, and once the bankrupt resigned the quasi-partnership relationship ended. en-us Tue, 26 Apr 1966 00:00:00 +0530 Thu, 19 Jan 2012 18:45:18 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=98286 A company may be regarded as a quasi-partnership only within the limits of its articles. Bankruptcy of a participant did not, by itself, justify compulsory winding up where the articles expressly provided for transmission of the bankrupt member's interest to the trustee. Sale of the business and investment of the proceeds were consistent with the company's objects and did not amount to grounds for winding up. The profit-sharing arrangement also did not show unfairness or a basis for loss of confidence, and once the bankrupt resigned the quasi-partnership relationship ended. Case-Laws Companies Law Tue, 26 Apr 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98286