Voluntary Liquidation for Individual Debtors: Options for Debtors in Financial Distress

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Voluntary liquidation, as opposed to involuntary liquidation, refers to a proceeding initiated by the debtor. An insolvent individual debtor may ask the court for protection, through an action for suspension of payments or  voluntary liquidation. Creditors of insolvent debtors, on the other hand, have the option of filing a petition for involuntary liquidation of the insolvent individual debtor. This discussion covers only voluntary liquidation in insolvency under Republic Act No. 10142, also known as the “Financial Rehabilitation and Insolvency Act (FRIA) of 2010“, as fleshed out in the FLSP Rules. Moreover, the discussion below on voluntary insolvency proceedings applies only to individual debtors.

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The Liquidation Order: Common Provisions in Insolvency Proceedings for Individual and Juridical Debtors

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Insolvency proceedings may refer to voluntary or involuntary proceedings for individual debtors (see Voluntary liquidation and Involuntary liquidation) or juridical entities (see Liquidation proceedings). The provisions on Liquidation Order are common in all these proceedings, as provided under Republic Act No. 10142, also known as the “Financial Rehabilitation and Insolvency Act (FRIA) of 2010“, and fleshed out in the FLSP Rules. For purposes of these common provisions, the term “debtor” includes individual debtors and other juridical debtors. 

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Avoidance Proceedings: Common Provisions in Insolvency Proceedings for Individual and Juridical Debtors

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Insolvency proceedings may refer to voluntary or involuntary proceedings for individual debtors (see Voluntary Liquidation Insolvency proceedings may refer to voluntary or involuntary proceedings for individual debtors(see Voluntary liquidation and Involuntary liquidation) or juridical entities (see Liquidation proceedings). The provisions on Liquidation Order are common in all these proceedings, as provided under Republic Act No. 10142, also known as the “Financial Rehabilitation and Insolvency Act (FRIA) of 2010“, and fleshed out in the FLSP Rules. For purposes of these common provisions, the term “debtor” includes individual debtors and other juridical debtors. 

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The Liquidation Plan: Common Provisions in Insolvency Proceedings for Individual and Juridical Debtors

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Insolvency proceedings may refer to voluntary or involuntary proceedings for individual debtors(see Voluntary or involuntary liquidation) or juridical entities (see Liquidation proceedings). The rules on determination of claims are common in all these proceedings, as provided under Republic Act No. 10142, also known as the “Financial Rehabilitation and Insolvency Act (FRIA) of 2010”, and fleshed out in the FLSP Rules. For purposes of these common provisions, the term “debtor” includes individual debtors and other juridical debtors. 

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Determination of Claims: Common Provisions in Insolvency Proceedings for Individual and Juridical Debtors

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Insolvency proceedings may refer to voluntary or involuntary proceedings for individual debtors (see Voluntary or involuntary liquidation) or juridical entities (see Liquidation proceedings). The rules on determination of claims are common in all these proceedings, as provided under Republic Act No. 10142, also known as the “Financial Rehabilitation and Insolvency Act (FRIA) of 2010”, and fleshed out in the FLSP Rules. For purposes of these common provisions, the term “debtor” includes individual debtors and other juridical debtors. 

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The Liquidator: Common Provisions in Insolvency Proceedings for Individual and Juridical Debtors

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Insolvency proceedings may refer to voluntary or involuntary proceedings for individual debtors (see Voluntary or involuntary liquidation) or juridical debtors (see Liquidation proceedings). The provisions on the Liquidator are common in all these proceedings, as provided under Republic Act No. 10142, also known as the “Financial Rehabilitation and Insolvency Act (FRIA) of 2010”, and fleshed out in the FLSP Rules. For purposes of these common provisions, the term “debtor” includes individual debtors and other juridical debtors. 

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Enhanced Community Quarantine and Social Distancing Guidelines for Management of Coronavirus Disease 2019 (COVID-19)

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The Executive Secretary issued an undated Memorandum, providing for Stringent Social Distancing Measures and Further Guidelines for the Management of the Coronavirus Disease 2019 (COVID-19) Situation [Note: On 16 March 2020, Enhanced Community Quarantine has been declared in the NCR and the entire Luzon. See also: Primer on Enhanced Community Quarantine and Social Distancing in the Age of Coronavirus Disease 2019 (Covid-19)]. Here are the salient points of the guidelines:

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Guidelines on Flexible Work Arrangements (Labor Advisory No. 9): Full Text

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[On 4 March 2020, the Department of Labor and Employment (DOLE) issued Labor Advisory No. 9, series of 2020, providing for the guidelines on the implementation of flexible work arrangements as remedial measure due to the ongoing outbreak of the coronavirus disease 2019 (COVID-19). See Summary/Discussion. The full text of Labor Advisory No. 09 is reproduced below.]

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Teleconferencing, Video Conferencing and Other Remote or Electronic Means of Communications in Corporate Meetings (SEC Memorandum Circular No. 6)

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[The guidelines on the attendance and participation of directors, trustees, stockholders, members and other persons of corporations in regular and special meetings through teleconferencing, video conferencing and other remote or electronic means of communication, are contained in Memorandum Circular No. 6, series of 2020, of the Securities and Exchange Commission (SEC). See the Summary. The full text of MC 6 is reproduced below.]

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