Rights of partners to application of partnership property
45 Rights of partners to application of partnership property
On the dissolution of partnership, every partner in the firm is entitled, as against the other partners in the firm and all persons claiming through those other partners in respect of their interests as partners—
to have the partnership property of the firm applied in payment of the debts and liabilities of the firm; and
to have the surplus partnership property after such payment applied in payment of what may be due to each partner in the firm after deducting what may be due from that partner as a partner in the firm.
For the purpose of exercising their rights under subsection (1), a partner in a firm, or the partner’s legal personal representatives, may, on the termination of the partnership, apply to the Supreme Court to wind up the business and affairs of the firm.
The statute text is free to read above. View Pro plans to unlock the case-law research tools for each provision.