Property in the name of firm
sneha joshi
(Querist) 14 August 2012
This query is : Resolved
respected lawyers,
we have a plot in midc in the name of a partnership firm . This partnership firm had three partners including me.
Last month one of our partners got retired from the firm, we all have signed the retirement deed and got it registered .
we also have done the financial settlement and signed by the retired partner All the copies of the above mentioned things have been given to midc with the application for transfer the plot from three to two partners.
Now we two continuing partners have come to know that the retired partner is a guarantor to his brother for a loan . His brother has been declared defaulter and his own salary as well as flat has been attached by the court and same is supposed to happen with our retired partner as the loan amount is huge.
Is there any threat to our plot as the retired partner is guarantor and maharashtra coop. society act 1960 101 has been issued against him?
can we take action against him for keeping us in the dark?
ABHIJEET PARIKH
(Expert) 14 August 2012
Dear Sneha
Ideally if MIDC transfer the plot in the name of 2 partners then there wont be any claim on the plot (as 3rd partner being liable for his brother loan)
Also for your own safety issue a public notice in newspaper and make a general declaration stating that your 3rd partner has retired from thr firm and all his dues are settled and public shall deal with him at their sole risk without any kind of liablity on other partners and firm.
Keep the copy of published public notice for the record purpose.
Regards
Abhijeet P
