Answered: If a partner is insolvent, the first in…

Business

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If a partner is insolvent, the first in the order of preference in the distribution of his assets is:

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations

Section: Chapter Questions

Problem 34P

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Question

Question 4

If a partner is insolvent, the first in the order of preference in the distribution of his assets is:

a. Partnership creditors

b. Separate creditors of the partner-debtor

c. Partner's contribution to the partnership

d. Pro-rata between the separate creditors and the partnership creditors

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