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A Notice of Partnership Dissolution is a document notifying an individual or organization about the dissolution of a partnership.
This document can be used when a partnership has been dissolved or intending to dissolve to notify the Corporate Affairs Commission and other persons, creditors and debtors of the partnership, customers/clients of the partnership, etc. about the dissolution. If a partner merely withdrew from the partnership and the partnership has not been dissolved, the Notice of Withdrawal of Partnership should be used.
The Partnership Dissolution Agreement or the Partnership Agreement as the case may be, regulates the partnership dissolution. It outlines the terms and conditions for dissolution and the distribution of partnership assets.
This document contains the name of the partnership, the registration date and number of the partnership (if registered) and the names of the partners.
Additionally, if the recipient of the letter is the creditor of the partnership, the partnership is required to notify the creditors of the impending dissolution as well as inviting claims against the assets of the property. Consequently, the form filler should include the amount the partnership owes the creditor (the claim amount), the date the money was owed and the reason for the claim. If the recipient is a debtor of the partnership, the form filler must include the amount the debtor owes the partnership and the date the debt must be returned.
How to use this document
After completing this document, one of the partners must sign the document and deliver it to the recipient and keep one copy of this document for record purposes.
If the recipient of the letter is CAC, the partners must ensure that the annual returns of the partnership has been filed up to date. This is because the dissolution process can not be completed without this.
If the recipient of the letter is any party other than the CAC, the partners can send this document either via email or in letter form to the recipient. If a letter is being sent, the partners should keep a copy for record purposes.
There is no Nigerian law that stipulates the form and content of a Notice of Partnership Dissolution. However, the Companies and Allied Matters Act, 2004 mandates all registered partnership businesses to notify the CAC about it's dissolution.
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