Companies Act (Cap. 386), article 21

21. (1) Any reduction in the contribution of a partner, other than a contribution consisting in personal services, any dissolution of the partnership on the grounds mentio ned in article 35(b) or (f), a ny reduction of the term of durati on, if any, of the partnership s hall not come into effect until three (3) months from the date of public ation of the statement in accordance with article 401(1)(e) relating to the instrument effecting such reduction or dissolution. (2) Any creditor of the partnership whose debt existed prior to the publication referred to in sub-article (1) may object there to by sworn application, within the period of three months as aforesa id 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 or a reduction of the term of duration, if any, or the assignment of the interest of the partner, as the case may be, on sufficient security being given by the partnership. Right of creditors of a partner to oppose extension of duration of a partnership. Amended by: L.N. 181 of 2006; L.N. 186 of 2006.