Yes it is. The business's legal structure is being closed and shut down. OP only has claim over how the assets of that legal structure are distributed. If his

Yes it is. The business's legal structure is being closed and shut down. OP only has claim over how the assets of that legal structure are distributed. If his partner goes on to start a new business in the same niche to do the same thing, legally and ethically there's nothing he can do or claim.