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Provided additional, That nothing in 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 could promote the unencumbered property of the debtor and convert the identical into cash. 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proceedings previous to the graduation date, entered into by the debtor or involving its belongings, may be rescinded or declared null and void on the bottom that the identical was executed with intent to defraud a creditor or creditors or which represent undue choice of creditors. The identical benefits from spring additionally 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 owner/s of the only proprietorship-debtor, the companions of the partnership-debtor and shareholders or members of the company-debtor, on the place and when they might examine it. Within thirty (30 ) days from the expiration of the interval for filing of purposes for recognition of claims, creditors, particular person debtors, proprietor/s of the only real proprietorship-debtor, partners of the partnership-debtor and shareholders or members of the company -debtor and other involved events might submit a problem to say 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 one another one debt shall be set off towards the other, and only the stability, if any shall be allowed in the liquidation proceedings. The Liquidation Plan shall, as a minimum enumerate all the assets of the debtor and a schedule of liquidation of the property and cost of the claims. Section 131. Sale of Assets in Liquidation. Section 114. Rights of Secured Creditors. Because, my associates, if there is no God: your inalienable rights in the Declaration of Independence truly come from the State. Along with the rights and duties of a rehabilitation receiver, the liquidator, shall have the precise and responsibility to take all cheap steps to manage 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 authorized existence.
Section 119. Powers, Duties and Responsibilities of the Liquidator. Other duties of the liquidator in accordance with this section may be established by procedural guidelines. The Liquidation Order shall not affect the suitable of a secured creditor to implement his lien in accordance with the relevant contract or law. 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 benefit of the mentioned insolvent, such actual and personal property as is by regulation exempt from execution, and likewise a homestead; however no such petition shall be heard as aforesaid until it is first proved that discover of the hearing of the appliance therefor has been duly given by the clerk, by inflicting such discover to be posted it at least three (3) public locations in the province or city a minimum of ten (10) days prior to the time of such listening to, which notice shall set forth the title of the said insolvent debtor, and the time and place appointed for 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 should present that such proof was made to the satisfaction of the court docket, and shall be conclusive proof of that reality.
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 be sure that the concurrence and choice of credits as enumerated in the Civil Code of the Philippines and kinh nghiệm xây nhà ống other relevant laws shall be noticed, except a preferred creditor voluntarily waives his most popular 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 leave of the court docket to start stated motion. The liquidator shall be deemed an officer of the courtroom 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 towards the debtor. With the approval of the court docket, unencumbered property of the debtor may also be conveyed to a creditor in satisfaction of his declare or part thereof.