Winding Up and Liquidation. On dissolution of the partnership, if the partnership business is not continued pursuant to subsection (b) of this article, it shall be wound up and liquidated as quickly as circumstances will allow. The assets of the partnership shall be applied to partnership liabilities in the following order: 1. Amounts owing to creditors other than partners; 2. Amounts owing to partners other than for capital and profits; 3. Amounts owing to partners in respect to capital; and 4. Amounts owing to partners in respect to profits.
Appears in 3 contracts
Samples: Partnership Agreement, Partnership Agreement, Partnership Agreement
Winding Up and Liquidation. On dissolution of the partnership, if the partnership business is not continued pursuant to subsection (b) subpart b of this article, it shall be wound up and liquidated as quickly as circumstances will allow. The assets of the partnership shall be applied to partnership liabilities in the following order:
1. Amounts owing to creditors other than partnersPartners;
2. Amounts owing to partners Partners other than for capital capital, services and profits;
3. Amounts owing to partners Partners in respect to capital; and
4. Amounts owing to partners Partners in respect to profits.
Appears in 2 contracts
Samples: Partnership Agreement (Sun Network Group Inc), Partnership Agreement (Sun Network Group Inc)
Winding Up and Liquidation. On dissolution of the partnership, if the partnership business is not continued pursuant to subsection (b) of this article, it shall be wound up and liquidated as quickly as circumstances will allow. The assets of the partnership shall be applied to partnership liabilities in the following order:
1. : Amounts owing to creditors other than partners;
2. ; Amounts owing to partners other than for capital and profits;
3. ; Amounts owing to partners in respect to capital; and
4. and Amounts owing to partners in respect to profits.
Appears in 1 contract
Samples: Partnership Agreement
