We are four Partners (family members) 25% each in a family owned Partnership Firm since 1985.
One of the partner had some personel dues to clear with three of the other partner.
The third partner (debtor) started lingring the matter since september 2020 and recently gave an application to
our bank having our Current account of the firm and stopped all transactions.We were operating day to day
transaction of creditors and debtors and were shocked to see our balances freeze. He has threatened to close
down our company or let his dues get waived off. We are in dilemma that holding 75 % of partnership firms
rights what action we should take to revive our current account and take legal action against him.
Please go throuh the partnership deed what that says, that is your giverning document. If three of the parmners are ready they can dissolve or make the other partner to retire subject to terms in partnership deed. Cannot comment anything until i see the deed
The Partnership Deed is a vital document to go through and find the resolution therein, as prescribed therein. However on your very general query in absence of your partnership deed, served a notice on such annoyed partner and thereafter take resolution between all of you being three partners and settled account of such annoyed partner and retired him from the partnership on being preparing the Deed of retirement of such annoyed partner on settlement of his accounts with the firm.
This is a peculiar situation and such events are not foreseen while executing partnership deed. You have remedies under partnership act and according to that, you may get your partnership firm dissolved or seek other remedies in accordance with law.