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In the Matter of the Companies Law (2013 Revision) and in the Matter of the Exempted Limited Partnerships Law 2014 and in the Matter of Rhone Holdings, L.P. (12-13 August 2015)

August 2015 LiquidationWinding UpInsolvency

CAYMAN ISLANDS

GRAND COURT

PETITION STRUCK OUT AS ABUSE OF PROCESS – SECTION 95(3) COMPANIES LAW – AGREEMENT NOT TO PRESENT WINDING UP PETITION

Rhone Holdings, L.P. was a Cayman Islands exempted limited partnership (the “Partnership”). The Petitioners, who were all limited partners in the Partnership, filed a winding up petition on the just and equitable ground, seeking to have the Partnership wound up in accordance with the Companies Law (2013 Revision) (the “Law”) and the Exempted Limited Partnership Law (2014 Revision) (the “ELPL”). The Partnership had two general partners: Rhone Capital (GP) Ltd. (“Capital GP”) which was controlled by the Petitioners, and Rhone Holdings SLP, L.L.C. (“Holdings GP”) which, along with the Director of Holdings GP, was one of the Respondents.

On the hearing of an, ex parte, application filed with the winding up petition, the Court made, amongst other orders, an order appointing joint provisional liquidators (“JPLs”) of the Partnership.

 

To continue reading full articles in PDF format:
In the Matter of the Companies Law (2013 Revision) and in the Matter of the Exempted Limited Partnerships Law 2014 and in the Matter of Rhone Holdings, L.P. (12-13 August 2015)

 

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