[Republic Act No. 10142; Chapter I; Chapter II; Chapter III; Chapter IV; Chapter V; Chapter VI; Chapter VII; Chapter VIII; Chapter IX; Chapter X; See also Introduction to Insolvency in the Philippines]
Continue reading[On 18 July 2010, the President signed Republic Act No. 10142, otherwise known as the “Financial Rehabilitation and Insolvency Act (FRIA) of 2010”. Here is the complete text, divided into Chapters with summary, of R.A. 10142.]
Continue readingAll things which are not outside the commerce of men may be the object of a contract (Civil Code, Article 1347). Accordingly, a contract whose objects is outside the commerce of men is inexistent and void from the beginning (Civil Code, Article 1409).
Continue reading[Full text of A.M. NO. 15-04-06-SC dated 21 April 2015, approving the Financial Liquidation and Suspension of Payments Rules of Procedure for Insolvent Debtors (2015), otherwise known as the “FLSP Rules”, issued by the Supreme Court pursuant to Republic Act No. 10142. For the summaries/discussions, refer to the Table of Contents. The full text of the FLSP Rules is reproduced below.]
Continue reading| TABLE OF CONTENTS: | |
| RULE 1. Coverage and General Provisions | RULE 4. Provisions Common to Liquidation in Insolvency |
| RULE 3. Insolvency of Individual Debtors | RULE 5. Procedural Remedies |
SEC. 1. WHO MAY FILE PETITION; VENUE; CONTENTS. – An insolvent juridical debtor may file a verified petition for liquidation in the Regional Trial Court which has jurisdiction over its principal office as specified in its articles of incorporation or partnership. Where the principal office of the corporation or partnership as registered with the Securities and Exchange Commission (SEC) is in Metro Manila, the petition must be filed in the Regional Trial Court of the city or municipality where the head office is located. The petition shall indicate the names of at least three (3) nominees to the position of liquidator and shall include, as minimum attachments, the following:
Continue reading| TABLE OF CONTENTS: | |
| RULE 1. Coverage and General Provisions | RULE 4. Provisions Common to Liquidation in Insolvency |
| RULE 2. Liquidation of Insolvent Juridical Debtors | RULE 5. Procedural Remedies |
A. SUSPENSION OF PAYMENTS
SEC. 1. WHO MAY FILE PETITION; VENUE; CONTENTS. – An individual debtor who has assets that exceed his liabilities but foresees the impossibility of paying his debts when they respectively fall due may file a verified petition for suspension of payments in the court having jurisdiction over the province or city where he has resided for six (6) months prior to the filing of the petition.
Continue reading| TABLE OF CONTENTS: | |
| RULE 1. Coverage and General Provisions | RULE 3. Insolvency of Individual Debtors |
| RULE 2. Liquidation of Insolvent Juridical Debtors | RULE 5. Procedural Remedies |
SEC. 1. USE OF TERM DEBTOR. – The term debtor used in this Rule shall refer to an individual debtor and/or a juridical debtor whenever appropriate.
Continue readingSEC. 1. MOTION FOR RECONSIDERATION IN SUSPENSION OF PAYMENTS PROCEEDINGS. – A party may file a motion for reconsideration of a Suspension of Payments Order, or any order issued by the court prior to its order confirming or disapproving the proposed agreement mentioned in Section 9, Rule 3 (A) of these Rules. No relief can be extended to the party aggrieved by the court’s order on the motion through a special civil action for certiorari under Rule 65 of the Rules of Court.
Continue readingAmong the first concepts that we have to extensively discuss with foreign clients is the absence of “at-will employment” under Philippine labor law. “At-will employment” basically refers to an employment arrangement wherein either the employer or the employee can terminate the relationship even without cause. In the Philippines, the employer can only terminate an employee for cause and after complying with due process, even if the employment contract grants the employer the power to dismiss without notice.
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