Answer Posted / walwyn blackman
If on dissolution there is a loss and the loss is such that
it puts one (or more)partner(s)'s capital account into
Debit, that partner must ring in that amount of cash from
his own resources. Once that is doen the amount of cah on
hand will then be equal tot eh balances of the other
partners.
If the partner whose capital account is in debit can not
bring in the cash to the amount of his loss, then the other
partners must bear the resulting loss in the ratio of their
Capital accounts immdeiately prior to this settlement.
This case was ruled on in 1908 by a Judge called Justice
Joyce.
The significant point is that this ruling is invokes only
if the partner CAN NOT from wherevery he may own property,
bring in the loss and is the true measue of the absence
of "limited liabilit" which the Companies' Act provides.
I have heard that this ruling has been overruled in Canada
but have not been able to substantiate that. Thier jsudge
disagreed with Justice Joyce and said that this loss was to
be treated as any other loss among the partners.
| Is This Answer Correct ? | 29 Yes | 20 No |
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