Liabilities after resignation from partnership
Soumya
(Querist) 06 March 2013
This query is : Resolved
I was one of the 3 partners of a company.We took a loan from bank and started our Business.However I resigned due to mismach of Ideas.I simple wrote a resignation Letter and got it signed by the other partner.
Now after 1 year Bank is sending me letters stating to pay instalments for the loan.What legal bindings I have towards the loan. As I never took any Share from the Company. And what should I do ?
Devajyoti Barman
(Expert) 06 March 2013
Inform the bank about your resignation.
If you were an active partner then you should have given a public notice at the time of resignation.
Guest
(Expert) 06 March 2013
If the partnership duly stand registered, your resignation, even if received under the signatures of the other partners would not be deemed to have been automatically accepted without your resignation being depicted through a revised partnership deed showing agreement/settlement about liabilities and assets, etc., of all the partners. So, without that revised partnership deed, your liabilities, as a partner of the firm would not stand extinguished. Legally, you would be bound to honour the liability, if any, of your part.
The other option would be to get a letter, with a copy endorsed to the bank, from other partners that your resignation was treated as effective from (........ the date of your resignation) and you are not liable to meet with any of the liabilities of the firm after that date.
Raj Kumar Makkad
(Expert) 06 March 2013
If the loan was in the name of the partnership firm and after your resignation, the same partnership firm got dissolved and was reconstituted in the same name thereafter then you may get absolved from your liability otherwise you still are liable for the loan obtained during your tenure. So settle the accounts of the firm accordingly.
prabhakar singh
(Expert) 06 March 2013
A retiring partner may be discharged from any liability to any third party for acts of the firm done before his retirement by an agreement made by him with such third party and the partners of the reconstituted firm, and such agreement may be implied by a course of dealing between such third party and the reconstituted firm after he had knowledge of the retirement.
AND THIS YOU HAVE NOT DONE HENCE YOU ARE LIABLE TILL DATE YOU DO NOT DO IT TOWARDS ALL THIRD PARTIES.
Poonam Singhi
(Expert) 06 March 2013
As the experts have rightly said, to be an effective resignation against third party liability(in your case the bank)you should have given a public notice to that effect or let the bank know then that you are resigning from the partnership.
However now you can do what Dhingra sir has rightly said.
Soumya
(Querist) 06 March 2013
Dhingra Sir,
Thank you for your Reply.
I have the Resignation Acceptance letter on the letter head of the Company stating
"As per your resignation Letter from Partner of (Company Name) subbmitted on 26th june 2010 I have been informing you that the said has been Accepted from Today ie 12th August 2010,you are not to be treated as pertner of the said Company"
Signature and Stamp
If I Forward this Letter to The bank, will it be accepted as The Partners of the Company fleed.There is no trace of them whats so ever.
And Lastly. What the Bank Can Do at the Most as There is no way I can Pay that Amount.
Guest
(Expert) 06 March 2013
Dear Soumya,
With refernce to the information provided by you, I don't think the resignation acceptance letter would be of any help to you due to the other partners being deserters.
However, some definite opinion about your accepted resignation can be arrived at only after detailed analysis of the partnership deed and analysis of the terms of the deed.
So, before taking any step to forward a copy of the said resignation acceptance letter or otherwise, you may better consult some local expert on business law.
prabhakar singh
(Expert) 07 March 2013
If all partners have signed the letter quoted by you in your last post then your liability towards the firm has ceased to exist with effect from 12th August 2010,BUT
YET YOU ARE LIABLE TO THIRD PARTIES WHO HAVE TRANSACTED/ ARE TRANSACTING WITH FIRM TILL DATE YOU DO NOT KEEP THEM INFORMED OF YOUR SUCH RETIREMENT FROM THE FIRM.
