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Provided additional, That nothing in this section shall be construed to stop a rehabilitation receiver, who was administering the debtor prior to the commencement of the liquidation, from being appointed as a liquidator. The liquidator could sell the unencumbered assets of the debtor and convert the same 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proceedings previous to the commencement date, entered into by the debtor or involving its property, could also be rescinded or declared null and void on the bottom that the identical was executed with intent to defraud a creditor or creditors or which constitute undue choice of creditors. The identical benefits from spring additionally fall here, no pun supposed. The liquidator shall make the registry available for public inspection and provide publication discover to creditors, individual 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 inspect it. Within thirty (30 ) days from the expiration of the period 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 company -debtor and other involved parties could submit a challenge to say or claims to the court docket, serving a certified copy on the liquidator and the creditor holding the challenged claim.
Express — clearly expresses and agreed between the events. If the debtor and creditor are mutually debtor and creditor of one another one debt shall be set off in opposition to the other, and only the steadiness, if any shall be allowed within the liquidation proceedings. The Liquidation Plan shall, as a minimal enumerate all of the property 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 mates, if there is no such thing as a God: your inalienable rights within the Declaration of Independence really come from the State. In addition to the rights and duties of a rehabilitation receiver, the liquidator, shall have the right and responsibility to take all cheap steps to handle and dispose of the debtor’s belongings 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 section may be established by procedural rules. The Liquidation Order shall not affect the best 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 responsibility of the courtroom, upon petition and kinh nghiệm xây nhà ống after hearing, to exempt and set apart, for the use and benefit of the mentioned insolvent, such real and private property as is by legislation exempt from execution, and likewise a homestead; but 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 causing such discover to be posted it not less than three (3) public locations within the province or city at the least ten (10) days prior to the time of such listening to, which discover shall set forth the identify of the said insolvent debtor, and the time and place appointed for the listening to of such application, and shall briefly point out the homestead sought to be exempted or the property sought to be set aside; and the decree must show that such proof was made to the satisfaction of the court docket, and shall be conclusive proof 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 be certain that the concurrence and preference of credits as enumerated in the Civil Code of the Philippines and different related laws shall be observed, until a preferred creditor voluntarily waives his most well-liked proper. Section 129. The Liquidation Plan. Section 116. Court-Appointed Liquidator. If the liquidator does not consent to the filling or prosecution of such motion, any creditor may search depart of the court docket to begin 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 property of the debtor, with the tip of liquidating them and discharging to the extent attainable all of the claims in opposition to the debtor. With the approval of the court, unencumbered property of the debtor could also be conveyed to a creditor in satisfaction of his declare or half thereof.