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Dissolution of partnership 1932

Amit (Accounts ) (528 Points)

17 August 2024

Hy All,

In a partnership firm when one partner has possession of all accounts Book and refuses to give access to other partners after the dissolution of the firm.
Then what is the solution of this
Thanks & Regards

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2 Replies

Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (5309 Points)
Replied 20 August 2024

A common issue in partnership firms! When one partner refuses to share access to accounts and books after dissolution, other partners can take the following steps: 1. _Communication_: Try to resolve the issue amicably through discussion and negotiation. 2. _Partnership Deed_: Refer to the partnership deed or agreement, which may have clauses related to account access and dispute resolution. 3. _Legal Notice_: Serve a legal notice to the partner in possession, requesting access to accounts and books. 4. _Arbitration_: If the partnership deed provides for arbitration, initiate the process to resolve the dispute. 5. _Court Intervention_: File a suit in court to seek access to accounts and books, and possibly appointment of a receiver to manage the firm's assets. 6. _Seek Professional Help_: Engage a lawyer or a chartered accountant to assist in resolving the matter. Additionally, consider: - _Section 41_ of the Indian Partnership Act, 1932: Allows for an audit of accounts and books. - _Section 45_: Provides for the appointment of a receiver to manage the firm's assets. Remember to act promptly to protect your interests and resolve the dispute efficiently.

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Rama chary Rachakonda (Master in Accounts & Lawyer email ID:ramachary64@gmail.com voice no:9989324294) (5309 Points)
Replied 20 August 2024

A common issue in partnership firms! When one partner refuses to share access to accounts and books after dissolution, other partners can take the following steps: 1. _Communication_: Try to resolve the issue amicably through discussion and negotiation. 2. _Partnership Deed_: Refer to the partnership deed or agreement, which may have clauses related to account access and dispute resolution. 3. _Legal Notice_: Serve a legal notice to the partner in possession, requesting access to accounts and books. 4. _Arbitration_: If the partnership deed provides for arbitration, initiate the process to resolve the dispute. 5. _Court Intervention_: File a suit in court to seek access to accounts and books, and possibly appointment of a receiver to manage the firm's assets. 6. _Seek Professional Help_: Engage a lawyer or a chartered accountant to assist in resolving the matter. Additionally, consider: - _Section 41_ of the Indian Partnership Act, 1932: Allows for an audit of accounts and books. - _Section 45_: Provides for the appointment of a receiver to manage the firm's assets. Remember to act promptly to protect your interests and resolve the dispute efficiently.

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