Zulkifli Amin was a law firm partner who disappeared in November 2007 allegedly with more than $6 million of clients' monies missing. Often, law firms hold on to clients' monies pending payment to sellers and developers of property. For one transaction, the monies held by a law firm may be from ten thousand dollars to millions of dollars.
Unfortunately for Sadique Marican and Anand Kumar, they were partners in the same law firm as Zulkifli Amin. All partners are fully liable for partnersip debts. What are partnership debts? Debts incurred in the course of partnership business will fall into this category. It looks like monies taken by Zulkfli Amin as law firm partner will probably be found by the courts to be partnership debts.
A recent report stated that the 2 partners of Zulkfli Amin will have to pay about $380,000 taken by the latter as the monies were paid by our client to the law firm in the course of a property transaction.
It is understood that many law firms are now converting to Law Corporations or Limited Liability Partnerships because of risk of fraud by law partners. When these 2 types of vehicle are used, it is much more difficult to hold the other partners or directors (in the case of a Law Corporation) personally liable for any fraud of one partner.
Unfortunately for Sadique Marican and Anand Kumar, they were partners in the same law firm as Zulkifli Amin. All partners are fully liable for partnersip debts. What are partnership debts? Debts incurred in the course of partnership business will fall into this category. It looks like monies taken by Zulkfli Amin as law firm partner will probably be found by the courts to be partnership debts.
A recent report stated that the 2 partners of Zulkfli Amin will have to pay about $380,000 taken by the latter as the monies were paid by our client to the law firm in the course of a property transaction.
It is understood that many law firms are now converting to Law Corporations or Limited Liability Partnerships because of risk of fraud by law partners. When these 2 types of vehicle are used, it is much more difficult to hold the other partners or directors (in the case of a Law Corporation) personally liable for any fraud of one partner.
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