Fria Presentation1
Fria Presentation1
Fria Presentation1
TO OTHER INSOLVENCY OR
REHABILITATION
POCEEDINGS
Application of Relevant
Legislation
The liquidation of:
Bank
Financial Institution
Insurance companies
And pre- need companies
Initiation of Proceedings
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.
Provision of Relief
The court may issue orders:
Penalties
An owner, partner, director, officer or other employee of the
debtor who commits any one of the following acts shall, upon
conviction thereof, be punished by a fine of not more than One
million pesos (Php 1, 000, 000.oo) and imprisonment for not less
than three (3) months nor more than five (5) years for each offense;