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Court Of Chancery Permits Equitable Dissolution

By Morris James LLP on April 30, 2015
Posted In Dissolution, LLC Agreements

In re Carlisle Etcetera LLC, C.A. 10280-VCL (April 30, 2015)

In this precedent-setting decision, the Court upholds the right of an assignee of an LLC interest to petition for its dissolution. The LLC Act itself limits a dissolution petition to managers or members, but drawing on precedent upholding the broad powers of a court of equity, the Court holds that an equitable remedy exists that permits an assignee to also seek dissolution.

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