insolvency of partnership

insolvency of partnership
Insufficiency of the aggregate joint property to pay the firm liabilities, without reference to the solvency or insolvency of the individual partners. 40 Am J1st Partn § 256. In determining insolvency of a partnership for the purposes of ascertaining whether a transfer is fraudulent under the Bankruptcy Act, there shall be added to the partnership property the present fair salable value of the separate property of each general partner in excess of the amount required to pay his separate debts, and also the amount realizable on any unpaid subscription to the partnership of each limited partner. Bankr Act § 67 (d) (1) (d); 11 USC § 107 (d) (1) (d).

Ballentine's law dictionary. . 1998.

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