It is a vet practice in which we have sold the bus but retained the buildings which we rent to the new owners.It says in the agreement that the partner is entitled to buy out the retiring partner but nothing about what to do if he cannot raise the finance for the 50%. I think there is something about being able to bid on the open market but can I put the 100% on the market
It says that "if the the remaining partners shall fail to give a purchase notice pursuant to clause 18.1( this is that if the partner retires ,dies or is expelled the remaining partners shall by notice of writing from the date of retirement etc have the option to purchase in the names of the remaining partners) within 3 months of the oprative date the partnership will be wound up and its assets sold within the provisions of the partnership act 1890 provided that each partner shall be at liberty to bid at any sale.
No. What do I need to do to get a dissolution od the partnership .I thought once he bought me out it would end as we would have nothing left
No Everything has been done verbal. He needs to arrange finance We sold the practice 12 months ago and he is not trying to hard. Would it be wise for me to give him wriiten notice that I am dissolving the partnership and tell him that he has 3 months to complete or it goes on the open market