Category Archives: Corporate & Investments

Concept of Beneficial Owner under the Securities Regulation Code

Leave a reply | Related posts at the end of article

Beneficial owner or beneficial ownership means any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares voting power (which includes the power to vote or direct the voting of such security) and/or investment returns or power (which includes the power to dispose of, or direct the disposition of such security); provided, that a person shall be deemed to have an indirect beneficial ownership interest in any security which is: 

Continue reading →

Electronic Clearing of Checks in the Philippines, Starting January 2017

1 Reply | Related posts at the end of article

[The Bangko Sentral ng Pilipinas (BSP) has approved the implementation of the electronic clearing of checks, starting January 2017. This will speed up the clearing of checks from 3 to 5 banking days, down to 1 day. Issuers must consider the faster clearing of checks to avoid bouncing checks. To assist in the dissemination of this information, we are reproducing the media release of the BSP.]

Continue reading →

Financial Liquidation and Suspension of Payments Rules of Procedure for Insolvent Debtors (2015): Full Text

Leave a reply | Related posts at the end of article

[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 →

Liquidation of Insolvent Juridical Persons (Rule 2): Financial Liquidation and Suspension of Payments Rules of Procedure for Insolvent Debtors (2015)

Leave a reply | Related posts at the end of article
TABLE OF CONTENTS: 
RULE 1. Coverage and General ProvisionsRULE 4. Provisions Common to Liquidation in Insolvency
RULE 3. Insolvency of Individual Debtors RULE 5. Procedural Remedies

RULE 2

LIQUIDATION OF INSOLVENT JURIDICAL DEBTORS 

A. VOLUNTARY LIQUIDATION 

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 →

Insolvency of Individual Debtors (Rule 3): Financial Liquidation and Suspension of Payments Rules of Procedure for Insolvent Debtors (2015)

Leave a reply | Related posts at the end of article
TABLE OF CONTENTS: 
RULE 1. Coverage and General ProvisionsRULE 4. Provisions Common to Liquidation in Insolvency
 RULE  2. Liquidation of Insolvent Juridical DebtorsRULE 5. Procedural Remedies

RULE 3

INSOLVENCY OF INDIVIDUAL DEBTORS 

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 →