Which act allows for termination
Which act allows for termination, in the absence of express agreement?
Expert
In the absence of express agreement, the Partnerships Act specifies rules governing termination. In particular, the Act allows for termination in a number of ways:
1. Expiration of a fixed term, if there was one;
2. Notice by a partner to the others;
3. Death, bankruptcy, or insolvency of any partner;
4. Charge or assignment of a partner's interest;
5. Application to the court by one or more partners under certain circumstances (e.g., partner becomes incompetent or incapable, acts prejudicial to the business, or breaches the partnership agreement); or
6. Agreement of the partners. On dissolution of a partnership, section 44 of the Partnerships Act provides a framework for dealing with claims against the partnership.
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