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Provided additional, That nothing on this section shall be construed to stop a rehabilitation receiver, who was administering the debtor prior to the graduation of the liquidation, from being appointed as a liquidator. The liquidator may promote the unencumbered property of the debtor and convert the identical into money. Any transaction occurring prior to the issuance of the Liquidation Order or, in case of the conversion of the rehabilitation proceedings previous to the graduation date, entered into by the debtor or involving its property, could also be rescinded or declared null and void on the bottom that the identical was executed with intent to defraud a creditor or creditors or which constitute undue preference of creditors. The identical benefits from spring also fall here, no pun meant. The liquidator shall make the registry accessible for public inspection and provide publication notice to creditors, particular person debtors proprietor/s of the sole proprietorship-debtor, the partners of the partnership-debtor and shareholders or members of the corporation-debtor, on where and when they might examine it. Within thirty (30 ) days from the expiration of the period for filing of purposes for recognition of claims, creditors, individual debtors, proprietor/s of the only real proprietorship-debtor, companions of the partnership-debtor and shareholders or members of the company -debtor and different fascinated parties could submit a problem to claim or claims to the court, serving a certified copy on the liquidator and the creditor holding the challenged declare.
Express — clearly expresses and agreed between the parties. If the debtor and creditor are mutually debtor and creditor of one another one debt shall be set off in opposition to the opposite, and only the balance, if any shall be allowed in the liquidation proceedings. The Liquidation Plan shall, as a minimal enumerate all of the assets of the debtor and a schedule of liquidation of the assets and cost of the claims. Section 131. Sale of Assets in Liquidation. Section 114. Rights of Secured Creditors. Because, chia sẽ kinh nghiệm xây nhà my friends, if there isn’t any God: your inalienable rights in the Declaration of Independence truly come from the State. In addition to the rights and duties of a rehabilitation receiver, the liquidator, shall have the fitting and responsibility to take all affordable steps to manage and dispose of the debtor’s property with a view in the direction of maximizing the proceedings therefrom, to pay creditors and stockholders, and to terminate the debtor’s authorized existence.
Section 119. Powers, Duties and Responsibilities of the Liquidator. Other duties of the liquidator in accordance with this section could also be established by procedural guidelines. The Liquidation Order shall not affect the proper of a secured creditor to implement his lien in accordance with the relevant contract or legislation. Payments shall be made to the creditors solely in accordance with the provisions of the Plan. Registry of Claims. — Within twenty (20) days from his assumption into workplace the liquidator shall put together a preliminary registry of claims of secured and unsecured creditors. It shall be the responsibility of the courtroom, upon petition and after listening to, to exempt and set apart, for the use and good thing about the stated insolvent, such real and personal property as is by law exempt from execution, and in addition a homestead; however no such petition shall be heard as aforesaid until it is first proved that notice of the hearing of the application therefor has been duly given by the clerk, by causing such discover to be posted it at the least three (3) public locations within the province or metropolis at the least ten (10) days previous to the time of such hearing, which discover shall set forth the title of the said insolvent debtor, and the time and place appointed for the hearing of such application, and shall briefly indicate the homestead sought to be exempted or the property sought to be put aside; and the decree should show that such proof was made to the satisfaction of the courtroom, and shall be conclusive evidence of that fact.
The presumptions set forth in Section 58 hereof shall apply. Section 130. Exempt Property to be Set Apart. Section 133. Concurrence and Preference of Credits. The Liquidation Plan and its Implementation shall ensure that the concurrence and desire of credit as enumerated within the Civil Code of the Philippines and other relevant laws shall be observed, except a preferred creditor voluntarily waives his most well-liked right. Section 129. The Liquidation Plan. Section 116. Court-Appointed Liquidator. If the liquidator doesn’t consent to the filling or prosecution of such motion, any creditor might seek leave of the courtroom to start said motion. The liquidator shall be deemed an officer of the court with the principal duly of preserving and maximizing the worth and recovering the property of the debtor, with the end of liquidating them and discharging to the extent possible all of the claims against the debtor. With the approval of the court, unencumbered property of the debtor might even be conveyed to a creditor in satisfaction of his claim or half thereof.
