Representation of Private Equity Fund Finance Ltd [2018] JRC 194 (18 October 2018)

Representation of Private Equity Fund Finance Ltd [2018] JRC 194 (18 October 2018)

The Limited Partnership was dissolved immediately upon the General Partner being struck off the register, and in the absence of winding-up provisions in the partnership agreement, the Court must provide directions for an orderly winding-up pursuant to Article 24(1)(b)(ii) of the Limited Partnerships Law.

Citation
[2018] JRC 194
Parties
Limited Partnership: Renaissance Ventures L.P.; General Partner: Renaissance Partners Limited; Applicant/limited Partner: Representor; Limited Partner: First Respondent; Limited Partner: Second Respondent; Limited Partner: Third Respondent; Director of General Partner: Fourth Respondent; Director of General Partner: Fifth Respondent; Administrator: JTC Group; Administrator of General Partner: Intertrust; Crown Authority: H. M. Receiver General
Jurisdiction
Jersey
Judgment Date
18 October 2018
Procedural Posture
Winding Up Application / Final Judgment
Outcome
Court ordered winding-up of the Limited Partnership with directions to the Representor.
Legal Topics
Winding Up of Limited Partnerships, Dissolution, Distribution of Assets, Court Directions
Corporate Law Insolvency Law Winding Up of Limited Partnerships Dissolution Distribution of Assets Court Directions

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Parties

Renaissance Ventures L.P.

Limited Partnership

Renaissance Partners Limited

General Partner

Representor

Applicant/limited Partner

First Respondent

Limited Partner

Second Respondent

Limited Partner

Third Respondent

Limited Partner

Fourth Respondent

Director of General Partner

Fifth Respondent

Director of General Partner

JTC Group

Administrator

Intertrust

Administrator of General Partner

H. M. Receiver General

Crown Authority

Procedural Posture

Winding Up Application / Final Judgment

Legal Issues

  1. 1 Whether the Limited Partnership was dissolved upon the General Partner being struck off
  2. 2 How the assets and liabilities of the dissolved Limited Partnership should be dealt with
  3. 3 Whether the Representor should be authorised to wind up the Limited Partnership

Ratio Decidendi

The Limited Partnership was dissolved immediately upon the General Partner being struck off the register, and in the absence of winding-up provisions in the partnership agreement, the Court must provide directions for an orderly winding-up pursuant to Article 24(1)(b)(ii) of the Limited Partnerships Law.

Court Disposition

Court ordered winding-up of the Limited Partnership with directions to the Representor.

Orders

  • Assets of the Limited Partnership to be transferred to the Representor for collection and realisation.
  • Representor authorised to pay creditors from assets and distribute surplus according to Article 27 priorities.