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Garner v/s Murray is a rule that was passed by justice of the court. According to this rule, if the partner or partners are insolvent to pay their liabilities, it is paid by other partners in their capital sharing ratio
Wiki User
β 11y ago
Wiki User
β 7y agoIt deals with the responsibility of one partner for the financial failings of the other partner. The loss on account of insolvency of a partner is a CAPITAL loss which should be borne by the solvent partners in the ratio of their capitals standing in the balance sheet on the date of dissolution of the firm. You and I are partners- you have one quarter of the partnership, I have 3 quarters. You have financial losses that wipe you out. I am responsible for 3/4ths of the debt that is unpaid.
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