Dissolution

A partnership comprises its members’ collective interests in its assets, with individual partners holding a share that becomes enforceable upon the partnership’s winding up. Departing partners are entitled to their share of partnership assets, typically realised through asset sales or valuation agreements.

Technical dissolution may occur with changes in partnership composition, but agreements can waive full winding up. Dissolution can also be initiated non-judicially through notice or by agreement, with provisions for expelling partners or dissolution on specific grounds.

Automatic dissolution can occur due to illegality, death, or bankruptcy of a partner. Court dissolution may be granted if the partnership’s purpose becomes unattainable or due to misconduct, incapacity, or other just and equitable reasons. These grounds allow for dissolution, ensuring fairness and practicality in partnership matters.

Read a detailed Article on this subject with the Legislation and Cases, browse Irish Legal Guide  or Contact Us for advice below.