Australian Capital Territory Current Acts Australian Capital Territory Current Acts(1) A person who is admitted as a partner in an existing firm other than an incorporated limited partnership does not by that admission alone become liable for anything done before the person became a partner.
(2) A person who is admitted as a general partner in an existing incorporated limited partnership does not by that admission alone become liable for anything done before the person became a general partner.
(3) A partner who retires from a firm other than an incorporated limited partnership does not by that retirement alone stop being liable for the firm's debts and obligations incurred before the partner's retirement.
(4) A partner who retires from an incorporated limited partnership does not by that retirement alone stop being liable for the partnership's liabilities incurred before the partner's retirement for which the partner was liable.
(5) A retiring partner in a firm other than an incorporated limited partnership may be discharged from any existing liabilities by agreement between the partner, the members of the firm as newly constituted and the creditors, and this agreement may be either express or inferred as a fact from the course of dealing between the creditors and the firm as newly constituted.
(6) A retiring partner in an incorporated limited partnership may be discharged from any existing liabilities by agreement between the partner, the partnership and the creditors, and this agreement may be either express or inferred as a fact from the course of dealing between the creditors and the partnership.
(7) In subsection (4) and (6):
"liabilities"—see section 51.