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Provided further, That nothing on this section shall be construed to forestall a rehabilitation receiver, who was administering the debtor previous 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 same into cash. Any transaction occurring previous to the issuance of the Liquidation Order or, in case of the conversion of the rehabilitation proceedings previous to the commencement date, entered into by the debtor or involving its belongings, may be rescinded or declared null and void on the ground that the identical was executed with intent to defraud a creditor or creditors or which represent undue desire of creditors. The same advantages from spring also fall here, no pun meant. The liquidator shall make the registry accessible for public inspection and supply publication discover to creditors, individual debtors proprietor/s of the only proprietorship-debtor, the companions of the partnership-debtor and shareholders or members of the corporation-debtor, on the place and when they could inspect it. Within thirty (30 ) days from the expiration of the interval for filing of purposes for recognition of claims, creditors, particular person debtors, owner/s of the only proprietorship-debtor, companions of the partnership-debtor and shareholders or members of the corporation -debtor and different involved events might submit a problem to assert or claims to the court, serving a certified copy on the liquidator and the creditor holding the challenged claim.
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 against the opposite, and only the balance, if any shall be allowed in the liquidation proceedings. The Liquidation Plan shall, as a minimum enumerate all the property 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, my pals, 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 proper and responsibility to take all reasonable steps to manage and dispose of the debtor’s assets with a view in 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 part could also be established by procedural rules. The Liquidation Order shall not affect the fitting of a secured creditor to implement his lien in accordance with the relevant 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 put together a preliminary registry of claims of secured and unsecured creditors. It shall be the duty of the court docket, upon petition and after listening to, to exempt and set apart, for the use and advantage of the said insolvent, such real and private property as is by regulation exempt from execution, and likewise a homestead; but no such petition shall be heard as aforesaid until it’s first proved that discover of the hearing of the appliance therefor has been duly given by the clerk, by inflicting such notice to be posted it at the very least three (3) public places within the province or metropolis at least ten (10) days prior to the time of such hearing, which notice shall set forth the title of the said insolvent debtor, and the time and place appointed for kinh nghiệm xây nhà ống the listening to of such application, and shall briefly indicate the homestead sought to be exempted or the property sought to be set aside; and the decree must present that such proof was made to the satisfaction of the courtroom, and shall be conclusive evidence of that truth.
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 credits as enumerated in the Civil Code of the Philippines and different related laws shall be noticed, until 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 might seek depart of the court to commence stated motion. The liquidator shall be deemed an officer of the court docket with the principal duly of preserving and maximizing the value and recovering the property of the debtor, with the end of liquidating them and discharging to the extent attainable all the claims towards 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 part thereof.