The existing law governing corporations in the Philippines is Republic Act No. 11232, also known as the “Revised Corporation Code“. R.A. 11232 was signed by President Rodrigo R. Duterte on 20 February 2019. This is an introduction to the Revised Corporation Code.
Continue readingA claim refers to all claims or demands of whatever nature or character against the debtor or its property, whether for money or otherwise, liquidated or unliquidated, fixed or contingent, matured or unmatured, disputed or undisputed, including, but not limited to: (1) all claims of the government, whether national or local, including taxes, tariffs and customs duties; and (2) claims against directors and officers of the debtor arising from acts done in the discharge of their functions falling within the scope of their authority.
Continue readingThe court may assist in the execution or implementation of the standstill agreement or the Out-of-Court or Informal Restructuring Agreements or Rehabilitation Plan (OCRA) by issuing a writ of execution to enforce its terms. Nevertheless, the court has the power to provide any other form of additional assistance as may be necessary to execute or implement the standstill agreement or the OCRA, including the award of damages properly pleaded and proved, and to protect the interests of the creditors, the debtor, and other interested parties.
Continue readingIn an Out-of-Court or Informal Restructuring Agreements or Rehabilitation Plan (OCRA), the parties may agree on a standstill period, which shall be effective and enforceable not only against the contracting parties but also against the other creditors provided it complies with the following conditions:
Continue readingWithin five (5) years from the date the decision granting the petition for legal separation has become final, the innocent spouse may file a petition under oath the same proceeding for legal separation to revoke the donations in favor of the offending spouse. [See Procedure / Steps in Legal Separation Cases]
Continue readingThe Family Code explicitly provides that no legal separation may be decreed unless the court has taken steps toward the reconciliation of the spouses and is fully satisfied, despite such efforts, that reconciliation is highly improbable (Article 59). Reconciliation, therefore, is highly encouraged. The spouses may reconcile even when the petition for legal separation is pending or when a favorable judgment has been issued (see Procedure / Steps in Legal Separation Cases). In case of reconciliation, the spouses must file a joint manifestation, duly signed and under oath, in the same proceeding for legal separation.
Continue readingThe property relations between the spouses is one of the main issues in a petition for legal separation (see Procedure / Steps in Legal Separation Cases). In case the petition is granted, the court orders the liquidation of the property regime between the spouse.
Continue reading[The Department of Foreign Affairs (DFA) prepared a set of Frequently Asked Questions (FAQs) on Apostille (certainly a new concept for many). We are reproducing the full text of the FAQ for research and educational purposes.]
Continue readingSecured creditor refers to a creditor with a secured claim, which is a claim that is secured by a lien. A lien is a statutory or contractual claim or judicial charge on real or personal property that legally entitles a creditor to resort to said property for payment of the claim or debt secured by such lien.
Continue readingAny transaction occurring prior to commencement date (the date on which the court issues the Commencement Order) entered into by the debtor or involving its funds or assets may be rescinded or declared null and void on the ground that the same was executed with intent to defraud a creditor or creditors or which constitute undue preference of creditors. This is provided in court-supervised rehabilitation proceedings [see Court-Supervised Rehabilitation] under Republic Act No. 10142, also known as the “Financial Rehabilitation and Insolvency Act (FRIA) of 2010“.
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