Company Law partnership Essay Example | Topics and Well Written Essays - 1500 words

Company Law partnership - Essay Example In certain circumstances partnerships must be dissolved under the Partnership Act 1890: once a partnership contract is performed - eg it was for a fixed term or for a specific purpose; the death or bankruptcy of a partner; a partner assigns his share to a creditor to satisfy a private debt; any event which makes it unlawful for the firm to continue its business or to have the status of a partnership (s34) (Macintyre, 2005, 464). Under s35 a partner may seek for dissolution on the basis of one of the following five grounds: permanent disability to perform the partnership contract; conduct prejudicial to the carrying on of the firm; wilful or persistent breach of the agreement which makes it untenable for the other partners to continue the agreement; the firm is making a loss and there is no chance of its finances being turned around; and/or that the Court considers it to be 'just and equitable' to dissolve the firm. Under the Mental Health Act 1983 the mental incapacity of a partner can also lead to the dissolution of a partnership. (s34) (Macintyre, 2005, 465). The partners retain the ability to bind the firm following a dissolution to the extent of completing unfinished transactions and all matters incidental to the winding up of the firm (s38 Partnership Act 1890). ... A bankrupt partner cannot bind a firm following dissolution. However, if a receiver is appointed by the Court at the request of one or more partners, then all partners lose their authority to bind the firm (Macintyre, 2005, 466). An organisation's assets consist of both property and goodwill. Goodwill can be defined as "the excess of the market value of a business over the value of its individual assets" (Macintyre, 2005, 466). Once the firm's goodwill is sold it is unlawful for any partner to use the firm's name or solicit its customers. "[H]e must not, I think, avail himself of his special knowledge of the old customers to regain, without consideration, that which he has parted with for value. He must not make his approaches from the vantage ground of his former position. He may not sell the custom and steal away the customers" per Lord MacNachten Trego v Hunt [1896] AC 7 (Macintyre, 2005, 466). If a firm is solvent and has made a profit after settling its debts, then these proceeds will be split between the partners according to the proportion agreed upon in their current contracts. However, if the firm is solvent but has made a loss then either the partnership agreement will determine how the loss should be resolved or s44 Partnership Act 1890 is used to determine how the loss should be resolved (Macintyre, 2005, 467). Losses are to be paid out of profit, or capital or by the individual partners in the proportion they would have shared the profits (s44(a)). Following its winding up the firm must pay its creditors in the order of; external creditors are to be paid in full; partners' loans are to be repaid;

Pier scour in Coarse bed and cohesive materials Research Paper

Pier scour in Coarse bed and cohesive materials - Research Paper Example This is the overall mission of the United States Department of the interior and the United States Geological Survey. The two mentioned departments are responsible for bridges and scours which this paper seeks to discuss. Studies have evidently determined that streambed scours are the leading cause of bridge failure in the United States. This results to approximately 60 percent of all bridge failures. The societal repercussions that are associated with failures and the costs that are linked to repair are amplified in Alaska, alternate routes of ground transportation between several cities are not in existence. Bridge culvert damages cost a lot to the economy, for example, in 2002 the damage in Kenai Peninsula was estimated at about 19 million dollars. This led to bridge site examination for scour. Purpose This paper therefore seeks to discuss pier scour in coarse bed and cohesive materials. The purpose of this paper is very open: to know how scour works and why bridges fall down. This is an issue that everyone could be interested in. Several bridges have been witnessed fall down and it has taken my attention to study how the whole process takes place. Bridges are normally built by technical experts and are expected to stay for maximum periods as prescribed by the civil engineers and architectures; however, scour has remained a disappointment to such expectations. Justas the aim of the paper: to discuss pier scour in coarse bed and cohesive materials, I am interested in understanding every single detail about the entire process of scour, types of scour, and its fundamental equations. Background on Scour Scour may refer to as remove by washing hard and rubbing and/ or rub hard with a cleansing rough material. Basically it accounts for a hole that remains behind when sand and rocks, sediments are washed away from the river bottom. Even though scour often occur at any particular time, the scour action is strong especially during flood season. This is because swiftly flowing water has much energy than slowly flowing calm water to lift and wash away sediments from the river bottom. Scour is of a great concern to bridges. This is because if rocks or sediment on which bridge is supported or rest is scoured by the river, it is most probably that the bridge could be very unsafe for travel purposes. For example, in 1987 when the Interstate Highway bridge over Schoharie Creek in the state of New York collapsed following a flood, the Federal Highway Administration demanded that each state to specify bridges on the highway over water that are likely to experience problems of scour and to have the bridges with severe scour identified. This knowledge of bridge sites in which there are potential scour problems will enable the States to improve and monitor the bridge conditions ahead of time before they pose danger to travelers. Types of scour There are three main types of scour that affect bridges. The following are the major types of scour that may pose d anger to highway bridges over water: Local scour: this occurs when sediments are swept away from around bridge piers and/ or abutments: the pillars that support bridges and those that support the end of the bridge. Flowing water past abutment or pier may scoop holes out in the sediment resulting into an