The joint debts of a partnership are payable out of the joint assets if sufficient even though secured on the separate property of one partner.
Chitty LJ said of a deceased partner that his ‘interest in the joint assets [of the partnership] was only his share of the surplus after payment of the joint debts’
Judges:
Chitty LJ, Lindley MR
Citations:
[1899] 1 Ch 128
Jurisdiction:
England and Wales
Citing:
Appeal from – In Re Ritson ChD 1898
. .
Cited by:
Cited – Highbury Pension Fund Management Company and Another v Zirfin Investments Ltd and Others ChD 14-Feb-2013
The court was asked: ‘a) Does the doctrine of marshalling permit the marshalling of securities held over property that does not belong to the common debtor? In particular, is a creditor of a guarantor entitled to marshal (or be subrogated to) . .
Cited – McLean and Another v Trustees of The Bankruptcy Estate of Dent and Others ChD 26-Oct-2016
Marshalling your Dogs Equitably
Application by the joint administrators of a partnership affording the opportunity to consider the application of the equitable doctrines of marshalling and subrogation in relation to a fixed charge over a dog.
Held: The equitable principle of . .
Lists of cited by and citing cases may be incomplete.
Equity, Company
Updated: 12 April 2022; Ref: scu.570481