Dr Vikram Bhat & Anor v Smruti Patel
The partnership, after changes in membership, continued on the terms of the 2014 Partnership Agreement as agreed by all partners, subject to changes in identity and profit shares. Clause 44 did not prevent this adoption. The claimant was entitled to payment of arrears of the annual fixed sum in advance of dissolution accounts, as the defendants had appropriated profits without regard to her entitlement and the claim was clear and quantifiable. Potential liabilities (e.g. to NHS) did not preclude payment, as defendants themselves drew profits without accounting for such liabilities.
Source excerpt
- Partnership dissolution
- Variation of partnership agreement
- Priority of partner payments
- Accounting in partnerships
- Effect of technical dissolution
- No oral modification clauses