Court can order a firm to be dissolved when a partner becomes insane.
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Answer:
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Answer:
The insanity (temporary or permanent) does not automatically dissolve the partnership. However, the guardian of the unsound partner or any other partner can file a suit with the court for dissolution of a partnership firm. A Court Order can dissolve a firm. A Court Order cannot dissolve a partnership. It involves the dissolution of partnership between all partners. The dissolution will be effective from the date of the court order.
Usually, general partnerships will dissolve if any partner withdraws, becomes deceased, or otherwise becomes unable to continue their duties as a partner. Other circumstances that may lead to partnership dissolution may include: Loss of profits or declaration of bankruptcy. Illegal activities or violations.