Partnership Deed
Querist :
Anonymous
(Querist) 28 March 2011
This query is : Resolved
Clause in Registered Partnership Deed stated
"Death shall not dissolve the firm Ipso-facto. Instead the legal representatives of the deceased shall stp in as partner(s) on the basis of this deed,the clauses of which shall Mutatis-Mutandis be applicable and the firm shall continue till such time as alternative arrangements are finalised"
Without Probate or Letter of administration from a Court, can the remaining partners usurp the assets of the deceased and divide it among themselves, leaving out the other children of the deceased who have a claim on the Estate of the deceased partner.
Not only have they divided it among themselves, they have gone and dissolved the very profitable firm among themselves.
What is the legal implications of such actions by the partners
Devajyoti Barman
(Expert) 28 March 2011
No the Partners have done wrong thing for which they could be criminally prosecuted for criminal misappropriation of property, fraud etc.
Querist :
Anonymous
(Querist) 29 March 2011
Thanks Mr Barman for your reply which appreciated.
As an extension to this query,two of the four remaining partners of this firm who took over the asset were the executors of the Will of the deceased but without even applying for Probate/Letter of Administration they did what they did; latest we learn is they have gone and sold some of the property of the firm to others in their single capacity such that the property has now dissapeared to the hands of third parties.
Can I cntact you directly too for advice as am a senior citizen with limited means.
