Category Archives: Special Projects

Out-of-Court or Informal Restructuring Agreements or Rehabilitation Plans (OCRA)

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 An out-of-court or informal restructuring agreement or Rehabilitation Plan (OCRA) that meets the minimum requirements is recognized as consistent with the objectives of Republic Act No. 10142, also known as the “Financial Rehabilitation and Insolvency Act (FRIA) of 2010“. Under R.A. 10142, rehabilitation proceedings may be: (a) Out-of-court or informal restructuring agreements or rehabilitation plans; (b) pre-negotiated rehabilitation; (b) court-supervised rehabilitation proceedings.

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Pre-Negotiated Rehabilitation under the Financial Rehabilitation and Insolvency Act (FRIA) of 2010

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Rehabilitation refers to the restoration of the debtor to a condition of successful operation and solvency, if it is shown that its continuance of operation is economically feasible and its creditors can recover by way of the present value of payments projected in the plan, more if the debtor continues as a going concern than if it is immediately liquidated. Under the “Financial Rehabilitation and Insolvency Act (FRIA) of 2010” (Republic Act No. 10142), rehabilitation proceedings may be: (a) Pre-negotiated rehabilitation; (b) Out-of-court or informal restructuring agreements or rehabilitation plans; or (c) Court-supervised rehabilitation proceedings.

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Rehabilitation Plan in Court-Supervised Rehabilitation Proceedings

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Rehabilitation Plan refers to a plan by which the financial well-being and viability of an insolvent debtor can be restored using various means including, but not limited to, debt forgiveness, debt rescheduling, reorganization or quasi-reorganization, dacion en pago, debt-equity conversion and sale of the business (or parts of it) as a going concern, or setting-up of new business entity as prescribed in Republic Act No. 10142, or other similar arrangements as may be approved by the court or creditors.

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Stay Order or Suspension Order in Court-Supervised Rehabilitation Proceedings

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Court-supervised proceedings is one of the options for rehabilitation of insolvent juridical persons under the the Financial Rehabilitation and Insolvency Act (FRIA) of 2010 (Republic Act No. 10142). If the court finds the petition for rehabilitation (see Initiation of Proceedings) to be sufficient in form and substance, it shall, within 5 working days from the filing of the petition, issue a Commencement Order. 

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RA 9184 or The Government Procurement Reform Act of 2003: Boon or Bane?

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By: ACA Nimfa Cuesta Vilches

The procurement (acquisition of goods, services and contracting for infrastructure project) law was enacted to lay down rules and regulations and to modernize, standardize, and regulate the procurement activities of the government. It is a response to the clamor of the citizenry to provide value for taxpayer money (P147.662 billion capital outlay in the P1.227 trillion national budget this year) and show Government commitment to good governance, transparency, accountability, equity, efficiency, and economy in the procurement process. In short, the law wants to deter corruption.

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