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Explain the role of garner vs Murray in the dissolution of partnership?
Wiki User
∙ 10y ago
garner vs murray :-
"when there is a Piecemeal distribution of cash under Maximum loss Method,It is reqauer to apply garner vs murray rule."
"when ther is defisit to the partner under Maximum loss Method,It is distributed to the remaining partner in capital ratio."
"According to garner vs murray defisit of insolven partner are distributed to remaining solven partner in capital ratio."
Wiki User
∙ 10y ago
In the dissolution of a partnership, the role of garner and murray is typically related to the distribution of assets, liabilities, and profits among the partners. Garners are responsible for collecting any remaining assets and settling outstanding liabilities, while Murray may oversee the final allocation of profits among the partners according to the partnership agreement or applicable laws. Both play important parts in ensuring a fair and orderly dissolution process.
Wiki User
∙ 13y agoif one partner has a dbt that they are unable to pay, the debt is shared between othr partners
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What do you mean by garner vs Murray rule?
Garner v/s Murray is a rule that was passed by justice of the court. According to this rule, if the partner or partners are insolvent to pay their liabilities, it is paid by other partners in their capital sharing ratio
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