If all partners, or all but one partner, of the firm are declared insolvent:

Related MCQs

• Identify the incorrect statements: (1) When a firm is constituted for a fixed duration it cannot be dissolved before the expiry of that duration. (2) A partnership at will can be dissolved by the wish of even a single partner. (3) When a partner of a firm becomes lunatic, the firm dissolves automatically. (4) Even after dissolution, partners of a firm continue to be liable for acts of the firm until the affairs of the firm are finally wound up. Code:
• A, B and C are partners of an unregistered firm. D owns this firm ` 1000 on a contract. The firm filed a suit against D the suit is dismissed for non-registration of the firm. The firm is registered later on. In this case which one of the following statements is MOST appropriate.
• After a firm is dissolved, every partner or his representative may restrain any other partner or his representative from carrying on similar business in the firm's name or by using firm's property for own benefit, until:
• The partners authority to act for the firm and to bind their co-partners continues even after the dissolution of the firm:
• A notice in writing by one partner must be given to all the partners of the firm in case of:
• A leaves a firm doing a particular business in Mumbai. He agrees with the other partners of the firm not to start a similar business as that of the firm in and around Mumbai for 3 years. This agreement is
• X leaves a firm doing a particular business in Delhi. He agrees with other partners of the firm not to start a similar business as that of the firm in Delhi for 2 yea` This agreement is
• If a partner is adjudicated insolvent which of the following are the consequences?
• According to section 31 of the Act, subject to the contract between the partners and to the provisions of section 30, no person shall be introduced as a partner into a firm:
• A partner may not be expelled from the firm by any majority of partners unless: