Under the Uniform Partnership Act: partnership creditors have first claim (Rank

Question

Under the Uniform Partnership Act: partnership creditors have first claim (Rank I) against the assets of an insolvent partnership personal creditors of an individual partner have first claim (Rank I) against the personal assets of all partners. partners with credit capital balances share (Rank I) the personal assets of an insolvent partner that has a debit capital balance with personal creditors of that partner personal creditors of the partners of an insolvent partnership share partnership assets on a pro rata basis (Rank I) with partnership creditors. , previous i skip i save a Next» [ Ver: 2.8.29 1 (13 Ov2017 17:36:37) ] 12:40:58 PM MST hp

Explanation / Answer

Option A is the correct answer, as per the provisions of uniform partnership act, partnership creditors have the first claim against the assets of insolvent partnership, as partnership creditors are preferential creditors as per the provisions.

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