Section 153: Attachment of Interest in Partnership
If someone who owes money is a partner in a business, the authorities can take actions to recover the debt. They can place a charge on the partner's share of the business's property and profits to ensure the debt is paid. This means the partner's share in the business's assets and earnings can be used to settle what they owe. The authorities can also appoint a receiver to manage the partner's share of the profits, whether these profits have already been declared or are expected in the future. Additionally, they can handle any other money due to the partner from the business. They might also order an assessment of the partner's interests and potentially sell these interests to recover the owed amount. Other business partners have the option to pay off the charged interest at any time. If the authorities decide to sell the partner's interest, the remaining partners can choose to buy it.
Note: It is an AI generated summary for reference purpose only.
153. Attachment of interest in partnership
(1) Where the property to be attached consists of an interest of the defaulter, being a partner, in the partnership property, the proper officer may make an order charging the share of such partner in the partnership property and profits with payment of the amount due under the certificate, and may, by the same or subsequent order, appoint a receiver of the share of such partner in the profits, whether already declared or accruing, and of any other money which may become due to him in respect of the partnership, and direct accounts and enquiries and make an order for the sale of such interest or such other order as the circumstances of the case may require.
(2) The other partners shall be at liberty at any time to redeem the interest charged or, in the case of a sale being directed, to purchase the same.
