Best way to retire from the firm to avoid any possible liability
1) In 2013, a partnership firm was formed by 5 partners in Delhi, who were all relatives to each other, to conduct business of trading of clothes. The partnership was formed on 'at will' basis. The partnership deed was registered but the partnership firm itself was not registered with the registrar
2) Because the partners had family relations (cousins), they used to sign undated, blank cheques and give it to one specific partner in the normal course of business
3) In 2014, after one year of business, that specific partner and his father made a plan and stole 15 signed, undated, blank cheques of the firm, however there was no evidence to prove that in the court. The four good partners informed the bank about the missing cheques and asked for stop payment. No further work was done in the partnership firm
4) In 2015, the four good partners and the criminal partner briefly talked through their lawyers putting blame on each other, but the talks were abandoned midway. Later that year, the family of the criminal partner said that he had committed suicide. We don't know if it was true or not, but out of decency we did not follow-up. The criminal partner might still be alive
5) In 2016, the bank account of the firm became dormant because of no activity in the account. Later, that year, some more written communication was made between the lawyers of the four good partners and the father of the criminal partner, but again the talks were abandoned midway
6) In 2017, the four good partners approached the bank to close the account. However, the bank refused to close it without death certificate of the criminal partner, which the four good partners did not have. The father of the criminal partner verbally threatened the four good partners but again there was no evidence to prove that. From then, the four good partners abandoned the case totally
7) In 2020, one of the good partners, on advice from learned lawyers, filed a police report about the 15 missing cheques. He also gave two newspaper ads, one in an english and one in a hindi newspaper, to give public notice about the missing cheques, mentioning the cheque numbers, account name, account number, and bank branch. I am that partner
8) However, one issue still remains. The partnership firm was never officially dissolved and neither I nor any other partners ever officially retired from the firm. In other words, although practically there is no partnership firm anyone, we do not have any proof that the firm does not exist anymore and that we are not partners anymore. As per the partnership act, we might still be liable for actions of any one of us
What should I do to make sure that I do not have any ties with this firm anymore?
If you have read my entire case, I sincerely thank you just for reading it.
Asked 3 years ago in Business Law