25 December 2009
I AM A PARTNER OF ABC WE HAVE PURCHASED A PLOT IN OUR FIRM NAME IN INSTALLMENT FROM FINANCIAL INSTUTUION BUT DUE TO UNAVIODABLE CIRCUMTANCES THE PARTNERSHIP FIRM IS DISSOLEVED AND I HAVE PAID ALL THE AMOUNT TO MY PARTNER TOWARDS THEIR SHARE INVESTMENT IN THE FIRM.
NOW I WOULD LIKE TO TRANSFER THIS PLOT IN MY NAME BECAUSE PARTNERSHIP FIRM IS DISSOLVED.
WHEN I CONTACT TO FINANCIAL INSTITUTION THEY SAID 1ST YOU HAVE TO REGISTERED THIS PLOT IN YOUR PARTNERSHIP FIRM NAME AND THEN GET THIS PLOT TRANSFEERD IN YOUR NAME BUT MY PROBLEM IS HOW I CAN REGISTERED THIS PLOT IN MY FIRM NAME WHEN THE FIRM IS DISSOLVED AND THE PARTNER OF THE FIRM IS NOT IN MY CONTACT. PLEASE TELL ME WHAT SHOULD I DO.
25 December 2009
You have to find out whereabouts of your ex-partner if you wish to solve this problem.
It seems that you have made Dissolution Deed without the help of professionals. That is why you are now facing the troubles. I have seen many problems relating to partnership about fixed assets distribution.
If a Power of Attorney is given by the erstwhile partnership firm to register the deed in your name; you can register the deed into your name and then sell it.
Still the above solution will work only when the financial institutions will agree for it. You have to approach higher authorities and explain them the problem.
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