Cap. 168 Art. 21Reductions in contribution of a partner and dissolution of a partnership before period fixed for its duration.

(1) Any reduction in the contribution of a partner, other than a contribution consisting in personal services, and the dissolution of the partnership before the period fixed for its duration shall not be operative until three months from the date of publication of the statement referred to in article 192(1)(d) relating to the instrument effecting such reduction or dissolution.

(2) Any creditor of the partnership whose debt existed prior to the registration of the reduction or of the dissolution may object thereto, by writ of summons, within the period of three months as aforesaid and, if he shows good cause why it should not take effect, the court shall either uphold the objection or allow the reduction of the contribution or the dissolution of the partnership, as the case may be, on sufficient security being given by the partnership.