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Liability of incoming and outgoing partners

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Liability of incoming and outgoing partners

  • This topic has 1 reply, 2 voices, and was last updated 8 years ago by MikeLittle.
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  • May 7, 2017 at 2:24 pm #385194
    karen443
    Member
    • Topics: 3
    • Replies: 2
    • ☆

    Hi Sir,

    Can you please explain “A person who is admitted as a partner into an existing firm does not thereby become liable to the creditors of the firm for anything before he become a partner.” which is under S19.
    Is it means the incoming partners is not liable for the firm’s previous debts unless there have a novation of partnership?

    Advance thanks to you.

    May 7, 2017 at 4:18 pm #385219
    MikeLittle
    Keymaster
    • Topics: 27
    • Replies: 23321
    • ☆☆☆☆☆

    That’s exactly what it means, yes

    Equally, a retiring partner remains liable for the debts of the firm incurred before s/he retired … unless there is a contract of novation

    OK?

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  • The topic ‘Liability of incoming and outgoing partners’ is closed to new replies.

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