Herman and his two friends Raul and Michael have been partners and have operating ABC Drycleaners in downtown Vancouver. The partnership has been doing well. They have an operating line of credit with Big Bank for $800,000 in which Herman, Raul and Michael are personally liable. Herman, who is 65 years old, has been suffering health problems the last couple of years and has decided to retire from the partnership on November 30, 2019.

By January 30, 3020, the remaining partners are unable to manage the affairs of the drycleaners and the bank loan is in default. Herman receives a call from Raul and says "our suppliers are looking for money and you're responsible to pay". Herman is shocked. He responds to Raul "I'm no longer a partner - it's up to you and Michael to deal with the suppliers".

Is Herman correct? Why or why not?