DEED OF DISSOLUTION OFPARTNERSHIP BETWEEN TWO PARTNERS WITH ONE OF THE PARTNERS TO HAVE DAY TO DAY CONDUCT OF WINDING UP PROCESS
This Deed of Dissolution is made on_____ day of _____ month Between ________, son of__________, resident of__________, aged ______ years, Hereinafter to be called as THE FIRST PARTY and__________, son of ________, resident of_________, aged ______ years, Hereinafter to be called as THE SECOND PARTY (Liquidator) and__________, son of _________, resident of_________, aged _______ Years, Hereinafter to be called as THE THIRD PARTY.
WHEREAS the parties made a partnership deed among them dated on _____ and carrying on the business in the name and style of________, which is at__________, on the terms and conditions under the partnership deed executed on_________.
WHEREAS the parties to the agreement mutually agreed to dissolve the partnership by winding up the firm on_____ day of______ and have appointed and authorised ___________, THE SECOND PARTY to have day to day conduct of winding up process and to do all the acts and things hereunder mentioned and which he has agreed to do.
NOW THIS DEED WITNESSES that in pursuance of the said agreement it is hereby declared and agreed by and between the parties hereto as follows, that is to say :—
- The partnership firm has its registered office at _________ with registered no._______, shall be determined and stand as dissolved from______ day of _______
- The said partnership has been dissolved on _______ day of _______.
- All the parties have agreed that ____________ shall have the day to day conduct of winding up process and for this purpose, shall take into his or her custody or under his or her control the seal, books and records of the company, and all the property to which the company is or appears to be entitled.
- All the partners shall be liable to explain the accounts and about the loans taken by the firm and whatever assistance required for proper winding up process to the liquidator.
- All the assets shall be released by him and all the liabilities and debts of outsiders shall be discharged by him.
- Any interest on the capital contributed by the partner or any liability to the partner if due, then it shall be paid from the firm’s fund within _______ days from the dissolution of the said firm.
- Remuneration to the liquidator for services discharged by him shall be paid from the assets of the firm within _______ days from dissolution of firm.
- After paying all the debts and liabilities of the firm, the residue shall be divided equally among the partners.
- Due notice shall be published about the dissolution of the firm in the official gazette and also circular letters shall be provided to the clients of the firm with whom it has been working since ________ years within _______ days from day of declaration of dissolution and shall also be signed by all the partners.
IN WITNESS WHEREOF the parties to this deed have set and subscribed their respective hands and seals on the day, month and year first above written.
SIGNED SEALED AND DELIVERED in the presence of
(Signature of all the Parties)