Access over 35 million academic & study documents

Fria 3

Content type
User Generated
Rating
Showing Page:
1/1
CORPORATE REHABILITATION (FRIA of 2010 RA 10142)
COURT-SUPERVISED
PRE-NEGOTIATED
OUT-OF-COURT RESTRUCTURING
Voluntary OR Involuntary
Pre-negotiated by debtor & creditors
REQUISITES
Debtor must agree to it
67% approved (secured CR)
75% approved (unsecured CR)
85% approved (sec + unsec)
REHABILITATION RECEIVER
- PH citizen or resident (6 mos. prior)
- appointed by court or creditors
- Compensation: quantum merit
ENDORSED/APPROVED BY
2/3 of total debts (including
secured CR) holding > 50%
Sec + Unsec CR > 50%
VOLUNTARY COURT SUPERVISED
INVOLUNTARY COURT SUPERVISED
REQUIRED VOTE
o Majority of partners
(Partnership)
o Majority of BOD and 2/3
Stockholders (Corporation)
o 2/3 of members (Nonstock)
GROUNDS
o Debtor unable to pay
o Total liabilities > total assets
MINIMUM ALLEGATIONS
o Establish the insolvency
o Establish viability of
rehabilitation
REQUIRED VOTE (higher)
o Creditor claims of AT LEAST
1,000,000 or
o 25% of subscribed capital stock or
partner’s contribution
GROUNDS
o No issue with creditors’ claims.
Claim is due and demandable,
payments have not been made for
AT LEAST 60 days
o A creditor, other than petitioners,
has initiated foreclosure
proceedings
CONSERVATORSHIP
Elected liquidator by creditors or court-
appointed
RECEIVERSHIP
A qualified natural or juridical person
may serve as receiver
COMMENCEMENT ORDER and/or
SUSPENSION/STAY ORDER
If sufficient in form, a CO shall be issued
within 5 days
PETITION FOR REHABILITATION
Establish insolvency of debtor and
viability of rehabilitation

Sign up to view the full document!

lock_open Sign Up
Unformatted Attachment Preview
CORPORATE REHABILITATION (FRIA of 2010 – RA 10142) COURT-SUPERVISED PRE-NEGOTIATED OUT-OF-COURT RESTRUCTURING Voluntary OR Involuntary REHABILITATION RECEIVER - PH citizen or resident (6 mos. prior) - appointed by court or creditors - Compensation: quantum merit Pre-negotiated by debtor & cred ...
Purchase document to see full attachment
User generated content is uploaded by users for the purposes of learning and should be used following Studypool's honor code & terms of service.

Anonymous
Excellent resource! Really helped me get the gist of things.

Studypool
4.7
Indeed
4.5
Sitejabber
4.4