Suzanne Elaine Procter v Philip John Procter & Ors
In the absence of any express or implied agreement as to the financial terms of retirement, a retiring partner is entitled to be paid the value of her share in the partnership assets as at the date of retirement, valued at market value, and the continuing partners must account for that share. There was a technical dissolution as respects the retiring partner, and the entitlement is not limited to book value or to the terms of the partnership deed unless expressly provided.
Source excerpt
- Retirement of partner
- Valuation of partnership assets
- Technical dissolution
- Entitlement of outgoing partner
- Interpretation of partnership deeds