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Provided further, That nothing in this part shall be construed to prevent a rehabilitation receiver, who was administering the debtor prior to the graduation of the liquidation, from being appointed as a liquidator. The liquidator may sell the unencumbered property of the debtor and convert the identical into money. Any transaction occurring previous to the issuance of the Liquidation Order or, in case of the conversion of the rehabilitation proceedings prior kinh nghiệm xây nhà ống to the graduation date, entered into by the debtor or involving its property, may be rescinded or declared null and void on the bottom that the same was executed with intent to defraud a creditor or creditors or which represent undue desire of creditors. The identical advantages from spring also fall right here, no pun intended. The liquidator shall make the registry obtainable for public inspection and provide publication discover to creditors, particular person debtors proprietor/s of the sole proprietorship-debtor, the companions of the partnership-debtor and shareholders or members of the company-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 sole proprietorship-debtor, companions of the partnership-debtor and shareholders or members of the company -debtor and other interested parties could submit a problem to say 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 each other one debt shall be set off in opposition to the other, and solely the steadiness, if any shall be allowed within the liquidation proceedings. The Liquidation Plan shall, as a minimum enumerate all of the assets of the debtor and a schedule of liquidation of the property and fee of the claims. Section 131. Sale of Assets in Liquidation. Section 114. Rights of Secured Creditors. Because, my friends, if there isn’t a 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 precise and duty to take all affordable steps to handle and dispose of the debtor’s belongings with a view towards maximizing the proceedings therefrom, to pay creditors and stockholders, and to terminate the debtor’s legal 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 rules. The Liquidation Order shall not affect the precise of a secured creditor to enforce his lien in accordance with the applicable contract or regulation. 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 office the liquidator shall prepare a preliminary registry of claims of secured and unsecured creditors. It shall be the obligation of the courtroom, upon petition and after hearing, to exempt and set apart, for the use and good thing about the mentioned insolvent, such actual and private property as is by regulation exempt from execution, and in addition a homestead; but no such petition shall be heard as aforesaid till it is first proved that discover of the listening to of the application therefor has been duly given by the clerk, by inflicting such notice to be posted it at least three (3) public locations within the province or city not less than ten (10) days previous to the time of such hearing, which notice shall set forth the identify of the stated 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 set aside; and the decree should present that such proof was made to the satisfaction of the court docket, and shall be conclusive proof of that truth.
The presumptions set forth in Section fifty eight 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 be sure that the concurrence and choice of credits as enumerated in the Civil Code of the Philippines and different relevant laws shall be observed, unless a preferred creditor voluntarily waives his preferred proper. 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 could seek depart of the courtroom to begin stated action. The liquidator shall be deemed an officer of the court docket with the principal duly of preserving and maximizing the value and recovering the belongings of the debtor, with the end of liquidating them and discharging to the extent possible all the claims in opposition to the debtor. With the approval of the court docket, unencumbered property of the debtor might even be conveyed to a creditor in satisfaction of his declare or half thereof.