New Jersey § 42:6-1 Application for injunction and receivers or trustees; procedure

New Jersey Statutes

§ 42:6-1 — Application for injunction and receivers or trustees; procedure

New Jersey § 42:6-1

Title 42PARTNERSHIPS AND PARTNERSHIP ASSOCIATIONS

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Bluebook

N.J. Stat. Ann. § 42:6-1 (2026).

Text

When any voluntary association, carrying on business with partnership liabilities, is or shall become insolvent, has suspended or shall suspend its ordinary business for want of funds to carry on the same, or whose debts are unpaid and whose business is unsettled, any creditor or member of such association may in an action apply to the Superior Court for injunctive relief and the appointment of receivers or trustees for the winding up of the business and payment of the debts of the association. Thereupon the court may proceed in the action in a summary manner or otherwise and the proceedings shall be as near as may be similar to those provided by law for winding up insolvent corporations. Amended by L.1953, c. 40, p. 767, s. 35, eff. March 19, 1953.

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When any voluntary association, carrying on business with partnership liabilities, is or shall become insolvent, has suspended or shall suspend its ordinary business for want of funds to carry on the same, or whose debts are unpaid and whose business is unsettled, any creditor or member of such association may in an action apply to the Superior Court for injunctive relief and the appointment of receivers or trustees for the winding up of the business and payment of the debts of the association. Thereupon the court may proceed in the action in a summary manner or otherwise and the proceedings shall be as near as may be similar to those provided by law for winding up insolvent corporations. Amended by L.1953, c. 40, p. 767, s. 35, eff. March 19, 1953.