{"id":6242,"date":"2016-05-11T12:36:00","date_gmt":"2016-05-11T04:36:00","guid":{"rendered":"https:\/\/pnl-law.com\/blog\/?p=6242"},"modified":"2020-05-12T21:24:29","modified_gmt":"2020-05-12T13:24:29","slug":"procedural-remedies-rule-5-financial-liquidation-and-suspension-of-payments-rules-of-procedure-for-insolvent-debtors-2015","status":"publish","type":"post","link":"https:\/\/pnl-law.com\/blog\/procedural-remedies-rule-5-financial-liquidation-and-suspension-of-payments-rules-of-procedure-for-insolvent-debtors-2015\/","title":{"rendered":"Procedural Remedies (Rule 5): Financial Liquidation and Suspension of Payments Rules of Procedure for Insolvent Debtors (2015)"},"content":{"rendered":"\n
TABLE OF CONTENTS:<\/td> <\/td><\/tr>
RULE 1. <\/a><\/strong>Coverage and General Provisions<\/a><\/td>RULE 3.<\/a><\/strong>\u00a0Insolvency of Individual Debtors<\/a>\u00a0<\/td><\/tr>
RULE\u00a0\u00a02.\u00a0<\/a><\/strong>Liquidation of Insolvent Juridical Debtors<\/a><\/td>\u00a0RULE 4.\u00a0<\/a><\/strong>Provisions Common to Liquidation in Insolvency<\/a><\/td><\/tr><\/tbody><\/table><\/figure>\n\n\n\n
\n\n\n\n

RULE 5<\/h2>\n\n\n\n

PROCEDURAL REMEDIES <\/h4>\n\n\n\n

SEC. 1. MOTION FOR RECONSIDERATION IN SUSPENSION OF PAYMENTS PROCEEDINGS. \u2013 A party may file a motion for reconsideration of a Suspension of Payments Order, or any order issued by the court prior to its order confirming or disapproving the proposed agreement mentioned in Section 9, Rule 3 (A) of these Rules. No relief can be extended to the party aggrieved by the court\u2019s order on the motion through a special civil action for certiorari under Rule 65 of the Rules of Court. <\/p>\n\n\n\n\n\n\n\n

SEC. 2. REVIEW OF DECISION OR ORDER IN SUSPENSION OF PAYMENTS PROCEEDINGS. \u2013 The court\u2019s dismissal of the petition for suspension of payments on the ground of insufficiency in form and substance resulting in the non-issuance of a Suspension of Payments Order, and its order confirming or disapproving the proposed agreement mentioned in Section 9, Rule 3 (A) of these Rules can only be reviewed through a petition for certiorari to the Court of Appeals under Rule 65 of the Rules of Court within fifteen (15) days from notice of the decision or order. <\/p>\n\n\n\n

SEC. 3. MOTION FOR RECONSIDERATION IN LIQUIDATION PROCEEDINGS. \u2013 A party may file a motion for reconsideration of any order issued by the court prior to the issuance of the Liquidation Order. No relief can be extended to the party aggrieved by the court\u2019s order on the motion through a special civil action for certiorari under Rule 65 of the Rules of Court. <\/p>\n\n\n\n

SEC. 4. REVIEW OF DECISION OR ORDER IN LIQUIDATION PROCEEDINGS. \u2013 The Liquidation Order, and the order approving or disapproving the Liquidation Plan under Section 27, Rule 4 (F) of these Rules can only be reviewed through a petition for certiorari to the Court of Appeals under Rule 65 of the Rules of Court within fifteen (15) days from notice of the decision or order. <\/p>\n\n\n\n

RULE 6 <\/h2>\n\n\n\n

EFFECTIVITY <\/h4>\n\n\n\n

SEC. 1. EFFECTIVITY. \u2013 These Rules shall take effect fifteen (15) days after their complete publication in the Official Gazette or in at least two (2) newspapers of national circulation in the Philippines. <\/p>\n","protected":false},"excerpt":{"rendered":"

TABLE OF CONTENTS:   RULE 1. Coverage and General Provisions RULE 3.\u00a0Insolvency of Individual Debtors\u00a0 RULE\u00a0\u00a02.\u00a0Liquidation of Insolvent Juridical Debtors \u00a0RULE 4.\u00a0Provisions Common to Liquidation in Insolvency RULE 5 PROCEDURAL REMEDIES  SEC. 1. MOTION FOR RECONSIDERATION IN SUSPENSION OF PAYMENTS PROCEEDINGS. \u2013 A party may file a motion for reconsideration of a Suspension of Payments […]<\/p>\n","protected":false},"author":7,"featured_media":0,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1281,1361,2],"tags":[1481,1480,1479,1054,1053],"class_list":["post-6242","post","type-post","status-publish","format-standard","hentry","category-contracts-and-obligations","category-corporate-law","category-litigation-category","tag-financial-liquidation-and-suspension-of-payments-rules-of-procedure-for-insolvent-debtors-2015","tag-financial-rehabilitation-and-insolvency-act","tag-flsp-rules","tag-fria","tag-republic-act-no-10142"],"_links":{"self":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/6242","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=6242"}],"version-history":[{"count":4,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/6242\/revisions"}],"predecessor-version":[{"id":6375,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/6242\/revisions\/6375"}],"wp:attachment":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/media?parent=6242"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/categories?post=6242"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/tags?post=6242"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}