Companies Act (Cap. 386), article 47

47. In the distribution of the assets of a partnership the following provisions shall apply, unless otherwise provided in the deed of partnership, that is to say - (a) where a thing has been contributed in usufruct or enjoyment, it shall be restored to the partner contributing it and the partnership shall be held liable in damages if the thing has perished or deteriorated for any cause attributable to any of the partners, saving the right of the partnership to the reimbursement of any sums so paid against the partner who is at fault; (b) the assets of the partnership shall first be applied in repayment of the contributions of the partners and any balance shall be distributed among the partners in proportion to their share in the profits of the partnership; (c) where it has been agreed that the distribution of the assets shall be made in kind, the provisions governing partition of common property shall apply. Approval of accounts and scheme of distribution. Amended by: L.N. 181 of 2006; L.N. 186 of 2006.