*** A partnership firm having two (2) partners was maintaing a bank account in the name of firm. One of the partner has died recently and surviving partner approached the bank and provuded new partnership deed executed by him and son of deceased partner to continue exusting firm'd bank account. As per my knowledge death of partner DISSOLVES the firm as such please advice how should babj priceedto redolve this issue.
2 Answers from Attorneys
undoubtedly , at the event of one partner's death, the firm is dissolved. inserting son's name in the deed require a careful examination towards the fact that "is it the formation of new firm or continuation of the old one ?"this could be resolved after looking up the contents of the deed they agreed upon..
as for the bank account is concerned, i suggest you to ask them to obtain a court's direction in favour of living partner and legal heirs of the dead one.
dear without court orders the bank is not bound to act on directions of one partner .
so u must approch the court .
and also adopt the proper procedure for disslution and form of new partners as per directions of registratar of firms.
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