QUESTION
You are a junior solicitor working for a large commercial law firm. One morning you receive the following memo on your desk from your supervising solicitor.
FILE NOTE
File: Hammell Partners Architects
Ref: 002513
Subject: Effect of charge on partnership
Date: 12 May 2015
Dear junior solicitor,
I met with James Hammell yesterday morning, who is a partner in Hammell Partners Architects. He told me that one of the other partners in Hammell Partners Architects, Dave Feeny, has recently incurred large personal debts, due mainly to a severe gambling problem. In doing this, Mr Feeny has given his debtors a charge over his share in the partnership, and the remaining partners are very concerned about the effect of this on the future of the partnership.
Our client Mr Hammell provided me with a copy of the Hammell Partners Architects partnership agreement which sets out the terms of the partnership. This agreement was drafted many years ago by another law firm, and it appears that clause 18 of the agreement may apply in this situation. However, Mr Hammell is having difficulty in understanding the full meaning of clause 18.
Can you please write a letter of advice to our client Mr Hammell outlining the meaning of clause 18 of the Hammell Partners Architects partnership agreement, and its effect on the circumstances in this case.
Please be as succinct as possible, making your letter a maximum of one page. I have attached clause 18 of the Hammell Partners Architects partnership agreement to this memo for your convenience.
BP
Assignment or encumbrance
- If any partner shall assign, charge or encumber his or her share in the partnership or any part of it other than with the consent of the other partners and any authority whose consent is required or shall suffer the same to be charged for his or her separate debt under the Partnership Act or shall become bankrupt or insane or otherwise permanently incapable of attending to the partnership business or to be entitled to practice as a partner or shall act in any manner inconsistent with the good faith observable between partners or shall be guilty of any conduct which would be a ground for dissolution of the partnership by the court then and in any such case it will be lawful for the other partners by notice in writing to the offending or incapacitated partner to determine the partnership so far as concerns such partner whereupon the interest of such offending or incapacitated partner in the partnership shall cease and the provisions regarding determination of the partnership contained in this agreement shall apply mutatis mutandis.
For a custom-written answer on the above question, place your order now!
What We Offer:
• On-time delivery guarantee
• PhD-level writers
• Automatic plagiarism check
• 100% money-back guarantee
• 100% Privacy and Confidentiality
• High Quality custom-written papers
