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Last revision: 11/08/2023
Available formats: Word and PDF
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A Notice of Death or Insolvency of a Partner is a document used to inform the recipient of the letter of the death or insolvency of a partner.
When a partner passes away or becomes insolvent, the partnership is dissolved. Once, a partnership is dissolved, the authority of the partners to act on behalf of the partnership is revoked. This means that the partners cannot enter into any new obligations or incur any new liabilities on the behalf of the partnership unless it is for the purpose of winding up the business of the partnership.
In order to protect the partnership and the partners, a notice should be given to the remaining partners and other persons who have extended credit to the partnership to inform them of the dissolution of the partnership.
The parties may still need to file an Amendment of the Articles of Partnership (if the partnership business will continue) or an Articles of Dissolution of Partnership (if the partnership business will discontinue) with the Securities and Exchange of Commission to register the change of the circumstances of the partnership.
How to use this document
The sender of this letter is a person connected to the deceased or insolvent partner. It could be another partner in the partnership, or it could be a person not connected to the partnership, such as the executor or administrator of the estate of a deceased partner or the assignee in an insolvency proceedings.
All the information necessary to complete the document must be entered. Once the document is completed, the person sending the letter should review the same and, if all the information is correct, sign the same.
The notice should ideally be sent by personal delivery to ensure receipt by the recipient.
The law on dissolution of partnerships can be found in the Civil Code of the Philippines.
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