Article 24 - Unlimited Liability of Partners
(1) Each of the
Partners in a General Partnership has unlimited liability and is
personally liable jointly and severally with the other Partners for the whole
amount of any Partnership Obligation incurred while he is a Partner.
(2) But a
Partner ("A") is not personally liable under subsection (1) for a
Partnership Obligation owed to a Partner or former Partner ("B") if:
Partnership Agreement (including any Default Rules); or
(B) another agreement to which A and B are parties,
makes provision about whether or not B is entitled to indemnity or contribution from A in respect of the obligation.
(3) In these
Regulations " Partnership Obligation" includes:
Partnership debt; and
(B) any other liability of the
(4) For the purposes of these
Regulations, a Partnership Obligation which results
(A) breach of a duty in tort;
(B) breach of trust; or
(C) breach of a fiduciary duty,
is to be treated as having been incurred at the time of the act or omission that gave rise to the breach.