When a partnership ends, there are rules for how to divide up the things the partners own together. These rules are found in sections 83 and 84 of the law. You use these rules when you're sorting out the final money and property matters between the partners.
However, it's important to know that the partners can make their own agreement about how to divide things up. If they do this, their agreement will be followed instead of the rules in sections 83 and 84.
So, when a partnership is ending, you first check if the partners have made their own agreement about dividing things up. If they haven't, then you use the rules in sections 83 and 84 to figure out how to share everything fairly.
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View the original legislation for this page at https://legislation.govt.nz/act/public/1986/0120/latest/link.aspx?id=LMS206102.
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Sections 83 and 84 apply in settling accounts between the partners after a partnership is dissolved.
This section and sections 83 and 84 are subject to any agreement to the contrary.
