https://www.taxtmi.com/caselaws?id=98286 Quasi-partnership status operates subject to the company's articles. A participant's bankruptcy did not justify compulsory winding up where the articles provided for transmission of that participant's interest to the trustee. Sale of the business and investment of proceeds remained within the company's objects, while profit-sharing did not establish unfairness, a legitimate loss of confidence, or a device to defeat the trustee because no binding remuneration entitlement existed and little work had been performed. Following resignation, the quasi-partnership relationship ended and the trustee held only a minority shareholder position. The winding-up petition failed on the pleaded just and equitable grounds. 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 Quasi-partnership status operates subject to the company's articles. A participant's bankruptcy did not justify compulsory winding up where the articles provided for transmission of that participant's interest to the trustee. Sale of the business and investment of proceeds remained within the company's objects, while profit-sharing did not establish unfairness, a legitimate loss of confidence, or a device to defeat the trustee because no binding remuneration entitlement existed and little work had been performed. Following resignation, the quasi-partnership relationship ended and the trustee held only a minority shareholder position. The winding-up petition failed on the pleaded just and equitable grounds. Case-Laws Companies Law Tue, 26 Apr 1966 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=98286