In a partnership, when a new partner is being admitted into the partnership, is the consent of creditor necessary for the admission to be valid? and if the incoming partner agreed to accept the liabilities incurred by the firm before he joined the firm, if there is an agreement reached between the creditor , the old partners and the incoming partner rather than just an agreement between partners, would the creditor have the right to sue the new partner or he would still have no right against the incoming partner?
5 Replies
intermediate(ipc)course
(no)
(1460 Points)
Replied 09 June 2012
in a partnership, the admission of a new partner is possible without the consent of creditors before he joining as a partner.
Mayank Mall
(CA-Final)
(316 Points)
Replied 09 June 2012
consent of external parties is not required.....any partner can be admitted into the partnership but he'll not be liable for the charge of the creditors upon the firm as he joined after the date of the transaction.
But incase the new partner notifies the creditors as being liable to such charge, he will be liable thereafter and can be sued thereon. So he'll be able to sue to new partner having a right of guranteed sort of thing against him.
Mayank Mall
(CA-Final)
(316 Points)
Replied 11 June 2012
abstain = to hold oneself back voluntarily, to restrict, to not to do something.....
for future, i think you should goto google and search (define "your word"), you'll get the definition without having to open any site or visit any other link.
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