What takes place during the winding up of the partnership?
It is during this time after dissolution that partnership business or affairs are being settled. (De Leon, Comments and Cases on Partnership, Agency, and Trust, p. 229, 2005 ed)
Examples of winding up:
1. Paying previous obligations
2. Collecting assets previously demandable
3. Engaging in new business necessary for winding up such as contracting with a demolition company for the demolition of the garage used in a “used car” partnership (Paras, Civil Code of the Philippines Annotated, Volume 5, p. 485, 1969 6th ed)
