§1081. Events causing dissolution and winding up of partnership business A partnership is dissolved, and its business must be wound up, only upon the occurrence of any of the following events: [PL 2005, c. 543, Pt. A, §2 (NEW).] 1. Notice of express will to withdraw. In a partnership at will, the partnership’s having […]
§1082. Partnership continues after dissolution 1. Continuation for purpose of winding up. Subject to subsection 2, a partnership continues after dissolution only for the purpose of winding up its business. The partnership is terminated when the winding up of its business is completed. [PL 2005, c. 543, Pt. A, §2 (NEW).] 2. Waiver of […]
§1083. Right to wind up partnership business 1. Participation of partner; judicial supervision. After dissolution, a partner who has not wrongfully dissociated may participate in winding up the partnership’s business, but on application of any partner, partner’s legal representative or transferee, the Superior Court, for good cause shown, may order judicial supervision of the winding […]
§1084. Partner’s power to bind partnership after dissolution Subject to section 1085, a partnership is bound by a partner’s act after dissolution that: [PL 2005, c. 543, Pt. A, §2 (NEW).] 1. Appropriate act. Is appropriate for winding up the partnership business; or [PL 2005, c. 543, Pt. A, §2 (NEW).] 2. Act […]
§1085. Statement of dissolution 1. Filing of statement. After dissolution, a partner who has not wrongfully dissociated may file a statement of dissolution stating the name of the partnership and that the partnership has dissolved and is winding up its business. [PL 2005, c. 543, Pt. A, §2 (NEW).] 2. Deemed to have notice. […]
§1086. Partner’s liability to other partners after dissolution 1. Liable for partner’s share. Except as otherwise provided in subsection 2 and section 1034, after dissolution a partner is liable to the other partners for the partner’s share of any partnership liability incurred under section 1084. [PL 2005, c. 543, Pt. A, §2 (NEW).] 2. […]
§1087. Settlement of accounts and contributions among partners 1. Application of assets. In winding up a partnership’s business, the assets of the partnership, including the contributions of the partners required by this section, must be applied to discharge the partnership’s obligations to creditors, including, to the extent permitted by law, partners who are creditors. Any […]
