Examples of Continuing Partners in a sentence
Such interest shall, unless otherwise agreed by all the Continuing Partners accrue to the Continuing Partners in the proportions in which they are entitled inter se to the profits of the Partnership on the Outgoing Date (adjusted to exclude the Outgoing Partner for this purpose).
The Continuing Partners shall pay and discharge all debts and liabilities of the Partnership arising after the Outgoing Date excluding any debt or liability in respect of any claim arising out of any wrongful act or omission of the Partners or any of them to the extent that such claim is attributable to any wrongful act or omission while the Outgoing Partner was a Partner and is not covered by insurance.
Such debt or liability shall be divided between the Continuing Partners and the Outgoing Partner (where relevant) in accordance with their respective shares of the profits at the time the debt or liability was incurred.
Subject to Clause [14(b)] of the Deed, the share and interest of the Outgoing Partner in the Partnership, including the capital, goodwill, Partnership name and other assets thereof shall accrue to the Continuing Partners without the Outgoing Partner his personal representatives trustee in bankruptcy, the official assignee in bankruptcy or any other person being entitled to any part thereof or share or interest therein or save in accordance with this Schedule to any payment in respect of thereof.
A person becoming an Outgoing Partner, whether by death, bankruptcy, retirement, expulsion or otherwise, or a person joining the Partnership, shall not determine the partnership as between the Continuing Partners.