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Partnership

Forums › Ask ACCA Tutor Forums › Ask the Tutor ACCA LW Exams › Partnership

  • This topic has 4 replies, 2 voices, and was last updated 3 years ago by MikeLittle.
Viewing 5 posts - 1 through 5 (of 5 total)
  • Author
    Posts
  • November 6, 2019 at 8:08 am #551663
    xyzc
    Participant
    • Topics: 342
    • Replies: 93
    • ☆☆☆

    Is the statement that partners are jointly and severally liable for business debts a statuary statement or is it something that established because of case law or common law. Also if partners agree to split the burden of debt to 50%, and then if one of the partners gets bankrupt, will the remaining partner be liable for 50% of the debt or he will still be severally liable. I mean can there agreement of 50% split in case of bankruptcy overrule the severally liable statement. Which one wins: their agreement or the severally liable statement.
    Also do case law and common law mean the same thing. Plus are case laws or common law a form of delegated legislation.

    November 7, 2019 at 5:46 am #551723
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22699
    • ☆☆☆☆☆

    That’s four separate questions! My head is spinning!

    Q1 – it’s in the Partnership Act

    Q2 – if one partner dies or goes bankrupt, the remaining partner(s) become liable to take up that partner’s share

    Q3 – no, the cases in case law are simply examples where people have disputes and their recourse is to ask the Courts to settle the matter

    Q4 – no

    November 7, 2019 at 9:24 am #551757
    xyzc
    Participant
    • Topics: 342
    • Replies: 93
    • ☆☆☆

    Regarding question no.2, does the statement joint and severally liable remain true even if the partners have agreed differently.
    Further, is the partnership act part of statue.

    November 7, 2019 at 9:43 am #551759
    xyzc
    Participant
    • Topics: 342
    • Replies: 93
    • ☆☆☆

    On which website can partnership act 1890, 2000 be found. What are links to partnership acts. Are partnership acts for uk and england and wales different and if they are which one is applicable in the exam.

    November 7, 2019 at 4:03 pm #551785
    MikeLittle
    Keymaster
    • Topics: 26
    • Replies: 22699
    • ☆☆☆☆☆

    Yes, it doesn’t matter what they agree – if they are full partners (or even sleeping partners) they are jointly and severally liable

    If I refer to the Partnership Act, then of course it’s part of statute (not statue!)

    Look on the internet for yourself!

    Different Acts for England and Wales? I should coco! No, England and Wales are covered by the legislation

    OK?

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