Residhotel - Last and Final...

On 5 February 2013 Rhode Tourisme was wound up by the

Cannes Commercial Court. The Court also ruled that the

company would keep running the business for another 3

months. The Court-appointed Receiver, Mr Huertas,

envisages cancelling some leases earlier, at the end of

this month.

No legal obligation exists for leaseback owners to

execute a new lease or a management agreement with

another leaseback company such as Zenitude for example.

This means that owners should be able to exit the

leaseback scheme without being liable to paying any early

cancellation indemnity. Beware!: Under a tax viewpoint,

some of the initial VAT rebate may be due, although a

grace period applies since cancellation originates from

Rhode Tourisme's liquidation.