PARTNERSHIP ACT 1890 - SECT 44 Rule for distribution of assets on final settlement of accounts.

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PARTNERSHIP ACT 1890 - SECT 44

Rule for distribution of assets on final settlement of accounts.

44. In settling accounts between the partners after a dissolution of
partnership, the following rules shall, subject to any agreement, be observed:

(a)Losses, including losses and deficiencies of capital, shall be paid first
out of profits, next out of capital, and lastly, if necessary, by the partners
individually in the proportion in which they were entitled to share profits:

(b)The assets of the firm including the sums, if any, contributed by the
partners to make up losses or deficiencies of capital, shall be applied in the
following manner and order:

1.In paying the debts and liabilities of the firm to persons who are not
partners therein:

2.In paying to each partner rateably what is due from the firm to him for
advances as distinguished from capital:

3.In paying to each partner rateably what is due from the firm to him in
respect of capital:

4.The ultimate residue, if any, shall be divided among the partners in the
proportion in which profits are divisible.

Definitions of "court" and "business."

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Northern Irish Legislation

PARTNERSHIP ACT 1890 - SECT 44