I am a partner in a firm(with 3 partners) and we took a debt of Rs.5,00,000 from one of my friend 2 yrs ago. Unfortunately no agreement was signed but my friend transferred the funds online to the firm's account. The firm ran into losses and now we are planning to dissolve the same. But the other 2 partners are not willing to take up responsibility for the debt given by my friend as there was no agreement signed. Is there any way my friend can proceed legally?
You might have prepared Balance Sheet, P&L Accounts. Where that amount of Rs.5.00 lacs was reflected? Secondly, are your partners willing to admit the fact that the firm received Rs.5.00 lacs from your friend as loan? If yes, then that amount can be recovered in equal proportions or in proportion to your shares (of three partners) from your personal assets.