34. Insolvency of a partner.
(1) Where a partner in a firm is adjudicated an insolvent he ceases to be a partner on the date on which the order of adjudication is made, whether or not the firm is hereby dissolved.
(2) Where under a contract between the partners the firm is not dissolved by the adjudication of a partner as an insolvent, the estate of a partner so adjudicated is not liable for any act of the firm and the firm is not liable for any act of the insolvent, done after the date on which the order of adjudication is made.
- Governor of an Indian State: Role, Importance, and Functions - 4th September 2023
- Guardianship Under Hindu Law in India - 13th August 2023
- All Rules for Adoption in Hindus Under Hindu Laws - 13th August 2023