Meagher v Meagher and Other

• Jurisdiction: Ireland
• Judgment Date: 01 January 1962
• Date: 01 January 1962
• Docket Number: (1952. No. 391 P.)
• Court: Supreme Court

(H.C., S.C.)

Meagher

and

Meagher and Other

Two surviving partners carrying on the former partnership business -Valuation of deceased partner's share - Time at which such valuation should be made - Whether value should be the value as of the date of death or as of the date of realisation - Partnership Act, 1890, ss. 32, 33, 36, 38, 39, 42, 43, 44.

T., E.and P. carried on business in partnership. There was no deed and all parties agreed that it was a partnership at will. T. died and E. and P. carried on the business. After the date of death of T.and before realisation the value of the assets rose. On the question of the valuation of T.'s share it was held by the Supreme Court (Kingsmill Moore, O'Daly and Maguire JJ.) reversing Dixon J., that the time for ascertaining the value of the deceased partner's share was the date of realisation and not the date of death. Held further that where partnership assets increase in value after the death of a partner and before realisation such increase is profit and the deceased partner's personal representatives are entitled to an appropriate share thereof. In re Spanish Prospecting Goldmining Co. Ltd.ELR[1911] 1 Ch. 92 approved. Held further that if the personal representative of a...