{"id":4295,"date":"2020-02-14T13:24:00","date_gmt":"2020-02-14T05:24:00","guid":{"rendered":"https:\/\/pnl-law.com\/blog\/?p=4295"},"modified":"2020-05-20T23:58:12","modified_gmt":"2020-05-20T15:58:12","slug":"proceedings-ancillary-to-other-insolvency-or-rehabilitation-proceedings-chapter-viii-republic-act-no-10142-financial-rehabilitation-and-insolvency-act-of-2010","status":"publish","type":"post","link":"https:\/\/pnl-law.com\/blog\/proceedings-ancillary-to-other-insolvency-or-rehabilitation-proceedings-chapter-viii-republic-act-no-10142-financial-rehabilitation-and-insolvency-act-of-2010\/","title":{"rendered":"Proceedings Ancillary to Other Insolvency or Rehabilitation Proceedings (Chapter VIII): Republic Act No. 10142 (Financial Rehabilitation and Insolvency Act of 2010)"},"content":{"rendered":"\n

[Republic Act No. 10142<\/a>; Chapter I<\/a>; Chapter II<\/a>; Chapter III<\/a>; Chapter IV<\/a>; Chapter V<\/a>; Chapter VI<\/a>; Chapter VII<\/a>; Chapter VIII; Chapter IX<\/a>; Chapter X<\/a>; See also Introduction to Insolvency in the Philippines<\/a>]<\/p>\n\n\n\n\n\n\n\n

\n\n\n\n

CHAPTER VIII<\/h3>\n\n\n\n

PROCEEDINGS ANCILLARY TO OTHER INSOLVENCY
OR REHABILITATION PROCEEDINGS<\/h2>\n\n\n\n

(A) Banks and Other Financial Institutions Under Rehabilitation Receivership Pursuant to a State-funded or State-mandated Insurance System.<\/p>\n\n\n\n

SEC. 137. Provision of Assistance<\/em>. \u2014 The court shall issue orders, adjudicate claims and provide for other relief necessary to assist in the liquidation of a financial institution under rehabilitation receivership established by a state-funded or state-mandated insurance system.<\/p>\n\n\n\n

SEC. 138. Application of Relevant Legislation<\/em>. \u2014 The liquidation of banks,  financial institutions,  insurance companies  and pre-need companies  shall be determined by relevant legislation. The provisions in this Act shall apply in a suppletory manner.<\/p>\n\n\n\n

(B) Cross-Border Insolvency Proceedings.<\/p>\n\n\n\n

SEC. 139. Adoption of Uncitral Model Law on Cross-Border Insolvency<\/em>. \u2014 Subject to the provision of Section 136 hereof and the rules of procedure that may be adopted by the Supreme Court, the Model Law on Cross-Border Insolvency of the United Nations Center for International Trade and Development is hereby adopted as part of this Act.<\/p>\n\n\n\n

SEC. 140. Initiation of Proceedings<\/em>. \u2014 The court shall set a hearing in connection with an insolvency or rehabilitation proceeding taking place in a foreign jurisdiction, upon the submission of a petition by the representative of the foreign entity that is the subject of the foreign proceeding.<\/p>\n\n\n\n

SEC. 141. Provision<\/em> of<\/em> Relief<\/em>. \u2014 The court may issue orders:<\/p>\n\n\n\n

(a) suspending any action to enforce claims against the entity or otherwise seize or foreclose on property of the foreign entity located in the Philippines;<\/p>\n\n\n\n

(b) requiring the surrender of property of the foreign entity to the foreign representative; or<\/p>\n\n\n\n

(c) providing other necessary relief.<\/p>\n\n\n\n

SEC. 142. Factors in Granting Relief.<\/em> \u2014 In determining whether to grant relief under this subchapter, the court shall consider:<\/p>\n\n\n\n

(a) the protection of creditors in the Philippines and the inconvenience in pursuing their claims in a foreign proceeding;<\/p>\n\n\n\n

(b) the just treatment of all creditors through resort to a unified insolvency or rehabilitation proceeding;<\/p>\n\n\n\n

(c) whether other jurisdictions have given recognition to the foreign proceeding;<\/p>\n\n\n\n

(d) the extent that the foreign proceeding recognizes the rights of creditors and other interested parties in a manner substantially in accordance with the manner prescribed in this Act; and<\/p>\n\n\n\n

(e) the extent that the foreign proceeding has recognized and shown deference to proceedings under this Act and previous legislation.<\/p>\n","protected":false},"excerpt":{"rendered":"

[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]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1361],"tags":[534,535,1052,1051,1057,537,536,1053],"class_list":["post-4295","post","type-post","status-publish","format-standard","hentry","category-corporate-law","tag-business","tag-corporate-rehabilitation","tag-financial-rehabilitation","tag-financial-rehabilitation-and-insolvency-act-fria-of-2010","tag-financial-restructuring","tag-insolvency","tag-rehabilitation","tag-republic-act-no-10142"],"_links":{"self":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/4295","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/comments?post=4295"}],"version-history":[{"count":3,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/4295\/revisions"}],"predecessor-version":[{"id":6849,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/4295\/revisions\/6849"}],"wp:attachment":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/media?parent=4295"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/categories?post=4295"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/tags?post=4295"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}