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Partnership – Partnership agreement – Construction – Retiral from partnership. Court of Session: In a dispute concerning the sum due to a former partner in respect of his share of the partnership assets after he was compelled to retire from a solicitors' partnership in terms of a clause of the partnership agreement, having reached the age of 65, the court held that the agreement did not incorporate an agreed basis for the pursuer to obtain a share of the net partnership assets in the circumstances in which he ceased to be a partner and accordingly his entitlement fell to be determined by the general law, under which the whole net assets of the partnership should be shared equally between the partners.
Partnership – Partnership agreement – Construction – Retiral from partnership. Court of Session: In a dispute concerning the sum due to a former partner in respect of his share of the partnership assets after he was compelled to retire from a solicitors' partnership in terms of a clause of the partnership agreement, having reached the age of 65, the court held that the agreement did not incorporate an agreed basis for the pursuer to obtain a share of the net partnership assets in the circumstances in which he ceased to be a partner and accordingly his entitlement fell to be determined by the general law, under which the whole net assets of the partnership should be shared equally between the partners.
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