[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[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 reading[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[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 FRIA]
Continue reading[Full text below. See 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 Summary/Discussion on Out-of-Court or Informal Restructuring Agreements or Rehabilitation Plans (OCRA)]
Continue readingOn 2 December 2008, the Supreme Court en banc issued A.M. No. 00-8-10-SC, approving the RULES OF PROCEDURE ON CORPORATE REHABILITATION (“Rules”). The new Rules took effect on 16 January 2009. Here are the salient features of the new Rules, in contrast to the old Interim Rules of Procedure on Corporate Rehabilitation (“Interim Rules). Unless otherwise indicated, the old provisions remain the same.
Continue readingI often come across debtors dropping the hint of filing, or actually filing, a case for insolvency or bankruptcy just to bring home the (alleged) point that they have nothing more to cough out. It is true that once a petition for insolvency is granted, the debtor-insolvent is discharged from all his existing debts. The decision to file for insolvency, however, should not be taken lightly. Here are a few reasons why:
Continue readingCorporate rehabilitation, which is similar to Chapter 11 reorganization in the United States of America, is distinct and separate from insolvency. Rehabilitation is intended to enable a distressed corporation to gain a new lease on life, so to speak, and to continue its business as a going concern. On the other hand, insolvency is intended to close and liquidate an insolvent corporation (please note that insolvency is also available to individuals or natural persons, while rehabilitation is available only to corporations, partnerships and associations). [Update: Refer to Court-Supervised Rehabilitation Proceedings under the Financial Rehabilitation and Insolvency Act (FRIA) of 2010; Supreme Court A.M. No. 12-12-11-SC (Financial Rehabilitation Rules of Procedure) and A.M. No. 15-04-06-SC (Financial Liquidation and Suspension of Payments Rules of Procedure for Insolvent Debtors)
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