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April 30, 1946, the Philippine Rehabilitation or the Tydings Act of 1946, passed by the US Congress, was approved by the US President. This Act created the US Philippine War Damage Commission, authorized it to expend a total of $400,000,000 in payment of private war-damage claims and another $120,000,000 for the restoration of public property. Of this latter amount $57,000,000 was alloted to ...
republic of the philippines. congress of the philippines. metro manila. fifth regular session. begun and held in metro manila, on monday, the twenty second day of july, nineteen hundred and ninety-one. republic act no. 7277. an act providing for the rehabilitation, self-development and self-reliance of disabled person and their integration
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The man whose picture graces our blue-colored P100 bills is Manuel A. Roxas, the first president of the new Republic of the Philippines. He was the fifth Philippine president, if, as some historians count, we start with Emilio Aguinaldo. On April 15, 1948, he died of a stroke. Today’s column is a fitting reminder of his place in our economic ...
Feb 14, 2020 · [On 18 July 2010, the President signed Republic Act No. 10142, otherwise known as the “Financial Rehabilitation and Insolvency Act (FRIA) of 2010”. Here is the complete text, divided into Chapters with summary, of R.A. 10142.] Chapter I. General Provisions [Full Text; Sections 1-11] * Jurisdiction and nature of proceedings* Introduction to Insolvency in the […]
- A. Who May Serve as Rehabilitation Receiver
- B. Qualifications
- C. Conflict of Interest
- D. Disclosure of Conflict of Interest
- E. Objection to Conflict of Interest
- F. Initial Apppointment
- G. Powers, Duties and Responsibilities
- H. Removal of Rehabilitation Receiver
- I. Compensation and Terms of Service
- J. Oath and Bond
Any qualified natural or juridical person may serve as a rehabilitation receiver. If the rehabilitation receiver is a juridical entity, it must designate a natural person/s who possess/es all the qualifications and none of the disqualifications as its representative, it being understood that the juridical entity and the representative/s are solidar...
The rehabilitation receiver shall have the following minimum qualifications: When a natural person The rehabilitation receiver who is a natural person must comply with the following minimum qualifications and requirements: 1. 1. He is a citizen of the Philippines or a resident of the Philippines for at least 6 months immediately preceding his nomin...
No person may be appointed as a rehabilitation receiver or as a member of a management committee, or be engaged by the rehabilitation receiver or the management committee if he has a conflict of interest. An individual shall be deemed to have a conflict of interest if he is so situated as to be materially influenced in the exercise of his judgment ...
Conflict of interest as set forth in the preceding Section shall be disclosed at all times throughout the proceedings to the court and to the creditors. Disclosure of any conflict of interest must be made: 1. 1. by the nominees for the position of rehabilitation receiver before their names are submitted for appointment; 1. 2. by the rehabilitation ...
Within 10 days from receipt of the disclosure of conflict of interest provided under the preceding Section, any party to the proceedings adversely affected by the appointment of the persons to the positions mentioned above may file his objection to the appointment of the rehabilitation receiver or a member of the management committee, or to the emp...
The court shall initially appoint the rehabilitation receiver, who may or may not be from among the nominees of the petitioner. However, at the initial hearing of the petition, the creditors and the debtorwho are not petitioners may nominate other persons to the position. The court may retain the rehabilitation receiver initially appointed or appoi...
The rehabilitation receiver shall be deemed an officer of the court with the principal duty of preserving and maximizing the value of the assets of the debtor during the rehabilitation proceedings, determining the viability of the rehabilitation of the debtor, preparing and recommending a Rehabilitation Planto the court, and implementing the approv...
The rehabilitation receiver may be removed at any time by the court, either motu proprio or upon motion by any creditor/s holding more than 50% of the total obligations of the debtor, on such grounds as the rules of procedure may provide which shall include, but are not limited to, the following: 1. 1. incompetence, gross negligence, failure to per...
A. The rehabilitation receiver and his direct employees or independent contractors shall be entitled to compensation, to be paid by the debtor, for reasonable fees and expenses according to the terms approved by the court after notice and hearing. Prior to such hearing, the rehabilitation receiver, his direct employees and his independent contracto...
Prior to entering upon his powers, duties and responsibilities, the rehabilitation receiver shall take an oath and file a bond, in such amount to be fixed by the court, conditioned upon the faithful and proper discharge of his powers, duties and responsibilities.
Corporate rehabilitation, which is similar to Chapter 11 reorganization in the United States of America, is distinct and separate from insolvency. Rehabilitation is intended to enable a distressed corporation to gain a new lease on life, so to speak, and to continue its business as a going concern. On the other hand, insolvency is intended to ...
Note "An Act: For the rehabilitation of the Philippines.": document no. 1. "Public Law No. 370, approved April 30, 1946." Source of Description Description based on PDF title page, viewed January 27, 2016.
