{"id":8390,"date":"2020-04-12T13:25:00","date_gmt":"2020-04-12T05:25:00","guid":{"rendered":"https:\/\/pnl-law.com\/blog\/?p=8390"},"modified":"2020-06-12T13:32:43","modified_gmt":"2020-06-12T05:32:43","slug":"primer-on-the-rules-on-liquidation-of-closed-banks-a-m-no-19-12-02-sc","status":"publish","type":"post","link":"https:\/\/pnl-law.com\/blog\/primer-on-the-rules-on-liquidation-of-closed-banks-a-m-no-19-12-02-sc\/","title":{"rendered":"Primer on the Rules on Liquidation of Closed Banks (A.M. No. 19-12-02-SC)"},"content":{"rendered":"\n<p>The\u00a0<em><a href=\"https:\/\/pnl-law.com\/blog\/rules-on-liquidation-of-closed-banks-a-m-no-19-12-02-sc-full-text\/\">Rules on\u00a0Liquidation\u00a0of Closed Banks<\/a><\/em>\u00a0(\u201cRules\u201d), which took effect on 1 April 2020, was approved by the Supreme Court on\u00a018 February 2020\u00a0(<a href=\"https:\/\/pnl-law.com\/blog\/rules-on-liquidation-of-closed-banks-a-m-no-19-12-02-sc-full-text\/\">A.M. No. 19-12-02-SC<\/a>).\u00a0The\u00a0<em>Rules<\/em> applies to\u00a0<strong>banks<\/strong>\u00a0closed and placed under liquidation by\u00a0the\u00a0Monetary Board (MB) of the\u00a0Bangko\u00a0Sentral ng\u00a0Pilipinas\u00a0(BSP). The summary or primer is provided below.<\/p>\n\n\n\n<!--more-->\n\n\n\n<div class=\"wp-block-image is-style-rounded\"><figure class=\"aligncenter size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"836\" height=\"628\" src=\"https:\/\/pnl-law.com\/blog\/wp-content\/uploads\/2020\/06\/Primer-on-the-Rules-on-Liquidation-of-Closed-Banks-in-the-Philippines.png\" alt=\"Primer on the Rules on Liquidation of Closed Banks in the Philippines\" class=\"wp-image-8391\"\/><\/figure><\/div>\n\n\n\n<h2 class=\"wp-block-heading\">BANKS COVERED<\/h2>\n\n\n\n<p>Banks<strong><em>&nbsp;<\/em><\/strong>are classified into:&nbsp;(1)&nbsp;universal&nbsp;banks; (2) commercial banks;&nbsp;(3) thrift banks composed of savings&nbsp;and&nbsp;mortgage banks, stock savings and loan associations, and private development banks; (4) rural banks; (5) cooperative banks;&nbsp;and (6) other classifications of banks as determined by the MB.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">JURISDICTION AND VENUE<\/h2>\n\n\n\n<p>The&nbsp;<strong><em>Liquidation Court&nbsp;<\/em><\/strong>(LC), which refers to the Regional Trial Court designated as Special Commercial Court,&nbsp;has&nbsp;exclusive jurisdiction&nbsp;to adjudicate disputed claims&nbsp;against&nbsp;the closed bank,&nbsp;assist&nbsp;in the&nbsp;enforcement&nbsp;of individual liabilities of the stockholders, directors,&nbsp;and&nbsp;officers,&nbsp;and decide on all other issues as may be material to implement the Master Liquidation Plan.&nbsp;<\/p>\n\n\n\n<p>Actions shall be filed at the Special Commercial Court\u00a0which\u00a0has\u00a0jurisdiction\u00a0over the principal office\u00a0of\u00a0the closed bank or the principal\u00a0office of\u00a0the Receiver,\u00a0at the\u00a0option of\u00a0the latter. Upon the publication of the Order setting the petition for initial hearing, the Liquidation Court shall acquire exclusive jurisdiction over all persons affected by the\u00a0proceedings.\u00a0<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">PETITION FOR ASSISTANCE IN LIQUIDATION<\/h2>\n\n\n\n<p>The verified Petition for Assistance in the Liquidation (<strong>PAL<\/strong>) shall be filed by the Receiver&nbsp;not later&nbsp;than 180 days from&nbsp;the date&nbsp;of publication of&nbsp;notice of the&nbsp;bank&#8217;s&nbsp;closure. The<strong>Receiver<em>&nbsp;<\/em><\/strong>refers to the Philippine Deposit Insurance Corporation (PDIC), or any of&nbsp;its&nbsp;duly authorized agents acting as receiver of a closed bank.&nbsp;<\/p>\n\n\n\n<p>The&nbsp;PAL&nbsp;shall&nbsp;be&nbsp;filed&nbsp;in&nbsp;three (3)&nbsp;printed&nbsp;copies&nbsp;and one&nbsp;(1)&nbsp;digitized&nbsp;copy&nbsp;(in&nbsp;PDF&nbsp;format) contained&nbsp;in&nbsp;a compact&nbsp;disc,&nbsp;flash&nbsp;drive, or other&nbsp;compatible Information&nbsp;andCommunications&nbsp;Technology media.&nbsp;The&nbsp;petition must&nbsp;contain&nbsp;the&nbsp;following material facts:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>1) The&nbsp;name of the&nbsp;closed&nbsp;bank.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>2) &nbsp;The&nbsp;MB Resolution&nbsp;ordering the closure and directing the&nbsp;PDIC,&nbsp;as Receiver, to proceed with the takeover and liquidate&nbsp;the&nbsp;bank.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>3) &nbsp;The grounds for closure as stated in the MB Resolution;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>4) &nbsp;The date of publication of notice&nbsp;of&nbsp;closure giving creditors 60 days to file their claims&nbsp;before the Receiver.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>5) &nbsp;The financial condition of the bank as of&nbsp;date&nbsp;of closure showing the estimated&nbsp;realizable&nbsp;value of its assets.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>6) &nbsp;An attachment showing the names and addresses of creditors with valid claims, those with claims filed but yet&nbsp;to be&nbsp;found valid, those with claims that have been&nbsp;denied&nbsp;and the reason\/s for denial, as well&nbsp;those&nbsp;with claims that have been&nbsp;disallowed.&nbsp;<\/li><\/ul>\n\n\n\n<p>Certified true copies of the following documents shall be attached to the\u00a0PAL:\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>1) &nbsp;MB&nbsp;Resolution&nbsp;ordering the closure and&nbsp;liquidation&nbsp;of the closed bank.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>2) &nbsp;Takeover&nbsp;Report.&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>3) &nbsp;Publisher&#8217;s affidavit of publication of the notice of&nbsp;closure to&nbsp;creditors.<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>4) &nbsp;Master Liquidation Plan, which&nbsp;refers to the liquidation plan adopted by the PDIC for general application to all closed banks referred to in Section 16 (h) of the PDIC Charter.&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>5) &nbsp;Financial statements of the bank&nbsp;together&nbsp;with an inventory of its assets.&nbsp;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">ORDER FOR INITIAL HEARING; POSTING AND PUBLICATION<\/h2>\n\n\n\n<p>If the PAL is sufficient in form and substance, the LC shall, within&nbsp;10 from filing thereof,&nbsp;issue an Order:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>a) Stating that the PAL&nbsp;is&nbsp;sufficient in form and substance;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>b) Setting the initial&nbsp;hearing&nbsp;within 60 days from receipt of the PAL;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>c)&nbsp;Directing&nbsp;the court sheriff or process server to post the Order in the bulletin boards of the LC and of&nbsp;the&nbsp;municipal or city&nbsp;hall&nbsp;where the principal office of the closed bank is&nbsp;located,&nbsp;at the expense&nbsp;of&nbsp;the&nbsp;Receiver;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>d) &nbsp;Directing&nbsp;all claimants whose claims were denied or disallowed by the&nbsp;Receiver&nbsp;to file their claims with the LC within 60 days from date of receipt of final notice of denial or&nbsp;disallowance&nbsp;of their claims or within 20 days from date of publication of&nbsp;this&nbsp;Order, whichever is later; and&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>e) &nbsp;Directing the&nbsp;Receiver&nbsp;to cause, within a period&nbsp;of&nbsp;5 days from receipt of the&nbsp;Order,&nbsp;the one-time publication of&nbsp;the&nbsp;Order in a newspaper of general circulation in the Philippines.&nbsp;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">INITIAL HEARING; GIVING DUE COURSE<\/h2>\n\n\n\n<p>During the initial hearing, the Receiver shall present proof of posting and publication as required herein and mark the documents in support of the PAL.&nbsp;Thereafter,&nbsp;formal offer of evidence shall be made in open court and the PAL shall be submitted for resolution.&nbsp;<\/p>\n\n\n\n<p>After being satisfied that the jurisdictional requirements have been complied with, the court shall, within a period of not more 10 days&nbsp;from the date of the Order submitting the PAL for resolution, issue an Order giving due course to&nbsp;the&nbsp;PAL and constituting itself as the LC of the closed bank.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">CLAIMS AGAINST THE ASSETS OF CLOSED BANKS<\/h2>\n\n\n\n<p><strong>A.<\/strong>&nbsp;<strong>Disputed&nbsp;<\/strong><strong>Claims.<\/strong>&nbsp;Disputed claims are classified into:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>a) Monetary&nbsp;claims&nbsp;&#8211;&nbsp;those filed against the assets of a closed bank which were denied by the Receiver after evaluation, or disallowed by the&nbsp;Receiver&nbsp;for failure to file within the 60-day period from publication of notice of closure; and&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>b)&nbsp;Other claims<strong>&nbsp;<\/strong>&#8211; those non-monetary claims such as for specific performance, breach of contract, or damages of whatever&nbsp;nature&nbsp;or character.&nbsp;<\/li><\/ul>\n\n\n\n<p><strong>B.\u00a0Monetary Claims<\/strong>.\u00a0Within a period of 60 days from receipt of final notice of denial or disallowance by the Receiver or 20 days from publication, whichever is\u00a0later,\u00a0the claimant shall\u00a0file a Verified Claim with the LC and furnish a copy thereof to the Receiver. Failure to file a Verified Claim with the prescribed\u00a0period\u00a0shall render\u00a0the denial\u00a0of the claim by the Receiver final.\u00a0A Verified Claim shall contain the following:\u00a0<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>a) A clear and concise statement of facts;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>b) Material dates pertaining to the date of filing of the claim with the Receiver and the date of receipt of the notice of denial or disallowance of claim by the Receiver;&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>c) Grounds in support of the Verified Claim together with the original or certified true copies of relevant documentary evidence; and&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>d) Affidavits of witnesses and other evidence in support of the Verified Claim.\u00a0<\/li><\/ul>\n\n\n\n<p>The Receiver has 15 days from receipt of the Verified Claim\u00a0to file a verified Comment thereto. The claimant, on the other hand, may file a verified Reply within\u00a010 days from receipt of the Comment. Upon receipt of the Verified\u00a0Reply\u00a0or upon the lapse of the 10-day period to file the same, the Verified Claim shall be submitted for resolution. Within a period not exceeding 30 days from submission for resolution, the LC shall either allow or\u00a0disallow\u00a0the Verified Claim based on the pleadings, affidavits,\u00a0and evidence submitted and without need of a full-blown trial. The LC may,\u00a0<em>motu proprio\u00a0<\/em>or based on\u00a0the\u00a0Verified Comment,\u00a0dismiss\u00a0the Verified Claim on any of the applicable grounds under Section 1, Rule 16 of the Rules of Court. [Note: The Supreme Court already deleted Rule 16 in the\u00a0<a href=\"https:\/\/pnl-law.com\/blog\/rules-of-court-2019-proposed-amendments-to-the-1997-rules-of-civil-procedure\/\">2019 Proposed Amendments to the 1997 Rules of Civil Procedure<\/a>.]<\/p>\n\n\n\n<p><strong>C.&nbsp;<\/strong><strong>Other Claims<\/strong>.&nbsp;All&nbsp;claims against the assets of the closed bank, other than those covered under Section&nbsp;B, shall be filed with the LC, at any time prior to the submission of the Final ADP, by way of a Verified Notice of Claim.&nbsp;The Verified Notice of Claim shall contain a clear and concise statement of facts with original or certified&nbsp;true&nbsp;copies of the relevant documentary evidence attached thereto.&nbsp;<\/p>\n\n\n\n<p>Within 15 days from receipt of the Verified Notice of Claim,&nbsp;the&nbsp;Receiver shall file a Verified Answer,&nbsp;including any ground for&nbsp;dismissal&nbsp;based on Section&nbsp;1, Rule&nbsp;16 of the Rules of Court.&nbsp;[Note: The Supreme Court already deleted Rule 16 in the&nbsp;<a href=\"https:\/\/pnl-law.com\/blog\/rules-of-court-2019-proposed-amendments-to-the-1997-rules-of-civil-procedure\/\">2019 Proposed Amendments to the 1997 Rules of Civil Procedure<\/a>.]&nbsp;Before the pre-trial, the&nbsp;LC may,&nbsp;<em>motu proprio&nbsp;<\/em>or based on the Verified Answer and Verified&nbsp;Reply,&nbsp;dismiss the Verified Notice of Claim on any of the applicable grounds.&nbsp;<\/p>\n\n\n\n<p>After the issues are joined, the LC may conduct pre-trial and&nbsp;trial&nbsp;in accordance with the Rules of Court.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Within 10 days after termination of the&nbsp;<strong>pre-trial<\/strong>, the LC may,&nbsp;<em>motu proprio&nbsp;<\/em>or on motion,&nbsp;resolve the Verified Notice of Claim based on the pleadings pursuant to&nbsp;<a href=\"https:\/\/pnl-law.com\/blog\/rule-34-judgment-on-the-pleadings-2019-proposed-amendments-to-the-1997-rules-of-civil-procedure\/\">Rule 34 of the Rules of Court<\/a>.&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>After trial, the LC shall render a&nbsp;Decision&nbsp;within a period of 45 days from submission of the Verified Notice of Claim for resolution.&nbsp;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">LIQUIDATION REPORTS<\/h2>\n\n\n\n<p>After the&nbsp;LC has given due course to the petition, the Receiver shall file&nbsp;with&nbsp;the LC an annual Liquidation Report on the closed bank not later than the end of the third quarter of the&nbsp;succeeding year&nbsp;or as may be required by the LC. The Liquidation Report shall include the following information on the closed bank:&nbsp;<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>a) Statement of Affairs;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>b) Plan of action for the succeeding fiscal year;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>c) Significant developments and\/or financial highlights;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>d) Comparative statement of condition; and<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>e) Other information material to assist the LC in the liquidation of the closed bank,including the status of implementation of the approved Partial ADP, if any.&nbsp;<\/li><\/ul>\n\n\n\n<h2 class=\"wp-block-heading\">THE ASSET DISTRIBUTION PLAN<\/h2>\n\n\n\n<p>The&nbsp;<strong><em>Asset&nbsp;<\/em><\/strong><strong><em>Distribution Plan&nbsp;<\/em><\/strong><strong><em>(ADP)&nbsp;<\/em><\/strong>refers&nbsp;to&nbsp;the plan of distribution of the assets of a closed bank to its creditors, based on its estimated realizable value as of a certain cut-off date, prepared in accordance with the rules on concurrence and preference of credits under the Civil Code or other laws. An ADP may be&nbsp;<strong>partial<\/strong>&nbsp;when it pertains to the distribution of a portion or some of the assets of the closed bank, or&nbsp;<strong>final<\/strong>&nbsp;when it pertains to the distribution of all the assets of the closed bank.<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>A motion for approval of a&nbsp;<strong>Partial ADP<\/strong>&nbsp;may be filed&nbsp;at&nbsp;any time after the submission of the first Liquidation Report.&nbsp;<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>The Receiver shall file a motion for approval of a&nbsp;<strong>Final ADP<\/strong>&nbsp;within 5 years from the date of bank closure, which may be extended for compelling reasons but not beyond 7 years from such closure.&nbsp;<\/li><\/ul>\n\n\n\n<p>Within&nbsp;10&nbsp;days from&nbsp;receipt&nbsp;of the&nbsp;motion for approval&nbsp;of the Partial or&nbsp;Final&nbsp;ADP, the&nbsp;LC&nbsp;shall issue an&nbsp;Order:<\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>setting&nbsp;the motion for hearing&nbsp;within&nbsp;90 days from receipt&nbsp;thereof;&nbsp;and<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>directing the&nbsp;creditors&nbsp;to file their comments not later than&nbsp;10&nbsp;days before the hearing.&nbsp;<\/li><\/ul>\n\n\n\n<p>The Receiver&nbsp;shall: (a)&nbsp;cause&nbsp;the&nbsp;publication&nbsp;of&nbsp;the Order once in&nbsp;a&nbsp;newspaper of&nbsp;general&nbsp;circulation in the Philippines&nbsp;at&nbsp;least 30&nbsp;days prior&nbsp;to the date&nbsp;of&nbsp;hearing; and&nbsp;(b)&nbsp;serve&nbsp;thecreditors&nbsp;a copy of&nbsp;the Order&nbsp;by&nbsp;personal service, registered mail, private&nbsp;courier,&nbsp;or&nbsp;electronic means, at&nbsp;least&nbsp;60&nbsp;days prior to the date&nbsp;of&nbsp;hearing,&nbsp;attaching&nbsp;thereto a&nbsp;Notice containing&nbsp;the required information.&nbsp;<\/p>\n\n\n\n<p>On the basis of the&nbsp;pleadings&nbsp;submitted and without&nbsp;need&nbsp;of a full-blown trial, the LC&nbsp;mayapprove&nbsp;or disapprove&nbsp;the motion,&nbsp;in whole&nbsp;or&nbsp;in part, or order the amendment of the Partial or Final ADP within 45 days from submission of the motion for resolution.&nbsp;<\/p>\n\n\n\n<p>The&nbsp;Resolution approving the Final or Partial ADP shall be&nbsp;<strong>published<\/strong>&nbsp;once in a newspaper of general circulation.&nbsp;The&nbsp;Resolution shall become&nbsp;<strong>final<\/strong>&nbsp;after&nbsp;the lapse&nbsp;of 30 days from publication of&nbsp;the Resolution,&nbsp;or upon&nbsp;denial&nbsp;of a motion for reconsideration thereon.&nbsp;Upon finality of the&nbsp;Resolution,&nbsp;the&nbsp;Receiver&nbsp;shall&nbsp;<strong>implement<\/strong>&nbsp;the&nbsp;Partial&nbsp;or Final ADP.&nbsp;<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">TERMINATION OF THE PROCEEDINGS<\/h2>\n\n\n\n<p>The finality of the&nbsp;Resolution&nbsp;approving&nbsp;the&nbsp;Final&nbsp;ADP&nbsp;shall&nbsp;usher in the winding-up phase under the PDIC&nbsp;Charter and&nbsp;the&nbsp;termination&nbsp;of the liquidation proceeding. The PAL&nbsp;shall, for&nbsp;all intents and purposes, be&nbsp;considered&nbsp;closed and terminated&nbsp;without&nbsp;prejudice to&nbsp;anyassistance the&nbsp;LC&nbsp;may&nbsp;extend&nbsp;in&nbsp;the&nbsp;implementation&nbsp;of the&nbsp;Final ADP.&nbsp;<\/p>\n\n\n\n<p>The&nbsp;Receiver&nbsp;shall submit&nbsp;a final&nbsp;report&nbsp;on the implementation of the&nbsp;approved Final&nbsp;ADP to the MB and the Securities and Exchange&nbsp;Commission after the expiration&nbsp;of the&nbsp;winding-up&nbsp;period&nbsp;and&nbsp;serve a copy thereof to the&nbsp;LC.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\">NO RESTRAINING ORDER<\/h2>\n\n\n\n<p>No court,&nbsp;except the Court&nbsp;of Appeals,&nbsp;shall issue any temporary&nbsp;restraining&nbsp;order, preliminary&nbsp;injunction, or&nbsp;preliminary mandatory injunction&nbsp;against the&nbsp;Receiver&nbsp;for any act&nbsp;done&nbsp;in connection with&nbsp;or in the&nbsp;exercise of its&nbsp;powers and functions under the PDIC&nbsp;Charter and&nbsp;other&nbsp;applicable&nbsp;laws.&nbsp;<\/p>\n\n\n\n<p>The&nbsp;Supreme&nbsp;Court may issue a&nbsp;restraining&nbsp;order or&nbsp;injunction&nbsp;when the&nbsp;matter is&nbsp;of extreme&nbsp;urgency involving&nbsp;a&nbsp;constitutional&nbsp;issue, such&nbsp;that unless&nbsp;a&nbsp;temporary restraining&nbsp;order&nbsp;is&nbsp;issued, grave&nbsp;injustice and irreparable&nbsp;injury will arise. The&nbsp;party applying for the&nbsp;issuance of&nbsp;a restraining order&nbsp;or&nbsp;injunction shall&nbsp;file a&nbsp;bond in&nbsp;an&nbsp;amount to be fixed by the Supreme&nbsp;Court, which&nbsp;bond shall accrue&nbsp;in favor of&nbsp;the Receiver&nbsp;if&nbsp;the Court should finally decide that the&nbsp;applicant was&nbsp;not&nbsp;entitled&nbsp;to the relief&nbsp;sought.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The\u00a0Rules on\u00a0Liquidation\u00a0of Closed Banks\u00a0(\u201cRules\u201d), which took effect on 1 April 2020, was approved by the Supreme Court on\u00a018 February 2020\u00a0(A.M. No. 19-12-02-SC).\u00a0The\u00a0Rules applies to\u00a0banks\u00a0closed and placed under liquidation by\u00a0the\u00a0Monetary Board (MB) of the\u00a0Bangko\u00a0Sentral ng\u00a0Pilipinas\u00a0(BSP). The summary or primer is provided below.<\/p>\n","protected":false},"author":7,"featured_media":8391,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[9],"tags":[1787,730,613,731,1795,1799,1788,1791,1790,1789,90,1796,195,1786,1798,1793,1703,1797,1794,815,1792],"class_list":["post-8390","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-banking","tag-a-m-no-19-12-02-sc","tag-bangko-sentral-ng-pilipinas","tag-banks","tag-bsp","tag-commercial-banks","tag-cooperative-banks","tag-liquidation-court","tag-monetary-board","tag-pdic","tag-philippine-deposit-insurance-corporation","tag-philippines","tag-private-development-banks","tag-rules-of-court","tag-rules-on-liquidation-of-closed-banksa-m-no-19-12-02-sc","tag-rural-banks","tag-savings-and-mortgage-banks","tag-special-commercial-courts","tag-stock-savings-and-loan-associations","tag-thrift-banks","tag-trial-courts","tag-universal-banks"],"_links":{"self":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/8390","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=8390"}],"version-history":[{"count":3,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/8390\/revisions"}],"predecessor-version":[{"id":8394,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/posts\/8390\/revisions\/8394"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/media\/8391"}],"wp:attachment":[{"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/media?parent=8390"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/categories?post=8390"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/pnl-law.com\/blog\/wp-json\/wp\/v2\/tags?post=8390"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}