Premium
Partnership Dissolution: Treatment of the Overdrawn Capital of an Insolvent Partner
Author(s) -
HOUGHTON K. A.
Publication year - 1982
Publication title -
abacus
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.632
H-Index - 45
eISSN - 1467-6281
pISSN - 0001-3072
DOI - 10.1111/j.1467-6281.1982.tb00023.x
Subject(s) - insolvency , general partnership , odds , capital (architecture) , confusion , economics , actuarial science , business , accounting , finance , medicine , psychology , logistic regression , archaeology , psychoanalysis , history
The decision in Garner v Murray is regarded as the source of law in relation to the dissolution of a partnership where one partner is insolvent. There is evidence of some confusion regarding the treatment of any shortfall in the contributions required from the partners. The conventional treatment of that shortfall, as described in accounting textbooks, appears to be not in accord with the decision and to be at odds with a clearly stated point of law.