Amendment status not verified — confirm the current text below against the official source.
Payment of firm debts and of separate debts- Where there are joint debts due from the firm, and also separate debts due from any partner, the property of the firm shall be applied in the first instance in payment of the debts of the firm, and if there is any surplus, him. The separate property of any partner shall be applied first in the payment of his separate debts and the surplus ( if any) in the payment of the debts of the firm. 50 Personal profits earned after dissolution - Subject to contract between the partners, the provisions of clause (a) of section 16 shall apply to transactions by any surviving partner or by the representatives of a deceased partner, undertaken after the firm is dissolved on account of the death of a partner and before its affairs have been completely wound up. Provided that Where any partner or his representative has bought the good will of the firm nothing in this section shall affect his right to use the firm name.