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    Thursday, 31 December 2015

    Draft Deed of Dissolution of Partnership

    THIS DISOOLUTION OF PARTNERSHIP, made the 20 day of August 2004 between A.B, of etc. of the first part, C.D.. Of etc. (hereinafter called “the surety”). Of the second part, and E.F., of, etc, of the third part: Whereas it has been agreed between the parties hereto of the first and third parts that the partnership subsisting between them in the business of, etc., carried on by them at, etc. in the firm name of, etc under the provisions of a partnership deed, dated, etc., and made, etc., A.B. the whole of the partnership stock, effects and credits:
                    NOW THIS DEED witnesseth as follows:-
    1. This said partnership shall stand dissolved by mutual consent as from the date hereof, and the said business shall henceforth belong to and he carried on by the said A.B.,

    2. In consideration of the sum of Rs……..now paid (or agreed to be paid hereafter) by the said A.B. and the surety to the said E.F., the said E.F., as beneficial owner, hereby assigns to the said A.B., all his share and interest in the said partnership the goodwill, fixtures, fittings, books and other debts, benefits of contracts and all effects thereof other than what has been already delivered to the said A.B. as aforesaid to hold the same to the said A.B absolutely.

    3. The said A.B, and the surety hereby jointly and severally agree with the said E.F. that they, or one of them, will pay to the said E.F. the said sum of Rs….. by the installments and at the dates followings, namely (state amounts and dates). Any installment or any part thereof in arrear shall bear interest at the rate of Rs…. Per cent, per annum from the date appointed for payment until payment thereof.

    4. The said A.B shall have full right and liberty in his own name to collect all the assets of the said late partnership, and to ask, demand, sue for recover and receive, and to sign and give full and effectual receipts and discharges for all the debts, estate and effects of or due or owing or in anywise belonging to the said late partnership, and to settle all accounts, reckonings, matters and things whatsoever relative to the said business with all and every or any person or person whomsoever, and to compound for or release all or any of the debts or claims belonging thereto, and to institute any actions  or other proceedings for compelling actual payment or delivery thereof.

    5. the debts and liabilities of the said late partnership estimated to amount to the sum of Rs…. And all future rent of the partnership business premises shall be paid and discharged by the said A.B, who shall indemnify the said E.F, there from and from all actions, proceedings, costs, claims and demands in respect thereof.

    6. Each of the parties hereto shall respectively sing, execute and do all such further documents, deeds, acts and things as the other party shall reasonably require for completely effectuating this agreement, and each party shall pay his own costs in connection therewith.

    7. All moneys payable by installments at a future date under this agreement shall become payable immediately in the event of any act of insolvency being hereafter committed or suffered by the said A.B.

    8. The said E.F., shall not, for the space of … years from the date hereof, carry on or be engaged or concerned in, either by himself or as partner with any person or persons or as employee or director of any person, person, firm or company, the business of….etc, within ….. Miles of etc, but this clause shall cease to be effect if there (or, etc) of the before mentioned installments shall at any time be in arrears and unpaid.

    9. For every breach of the clause 8 hereof, the said E.F, shall pay to the said A.B he sum of Rs….. for ascertained and liquidated damages.
                       IN WITNESS, etc (as in 1st form)

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    Item Reviewed: Draft Deed of Dissolution of Partnership Rating: 5 Reviewed By: Usman Ali
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