Corporate Restructuring & Insolvency in Philippines 2020

  • PDF File (765KB)
  • 1 Hour Reading Time
  • Reporters: Antonio Jose Gerardo T Paz
  • Index:
    • A brief Overview of The Philippines Legal System
    • Insolvency Laws in The Philippines 
    • Rehabilitation Proceedings
    • Conversion to Liquidation Proceedings
    • Treatment of Foreign Creditors or Corporations
    • Liabilities of Directors and Officers
    • Treatment of Contracts
    • Clawback Rules and Safe Harbour Provisions
    • Foreign Proceedings
    • Conclusion and Recommendation
    • Appendix of Legislation Referred To
      *Click to to see full Index

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Corporate Restructuring and Insolvency Philippines 2020

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Corporate Restructuring and Insolvency Asia 2020
Asian Business Law Institute Logo

Asian Business Law Institute

Launched in January 2016, the Asian Business Law Institute (ABLI), a subsidiary of the Singapore Academy of Law, is a permanent institute based in Singapore that initiates, conducts and facilitates research with a view to providing practical guidance in the field of Asian legal development and promoting the convergence of Asian business laws. Its mission is to remove unnecessary or undesirable differences between Asian legal systems that pose obstacles to free and seamless trade.

ABLI’s long-term strategic direction in accordance with its aims is set by its Board of Governors chaired by The Honourable the Chief Justice Sundaresh Menon of the Supreme Court of Singapore. The Board comprises representatives from Australia, China, India and Singapore and other internationally renowned legal experts.

International Insolvency Institute (III)

International Insolvency Institute (III)

The International Insolvency Institute (III) is a non-profit, limited-membership organisation dedicated to advancing and promoting insolvency as a respected discipline in the international field. Its primary objectives include improving international co-operation in the insolvency area and achieving greater co-ordination among nations in multinational business reorganisations and restructurings, with membership drawn from the most senior and respected insolvency practitioners, judges and academics in the world and it has valuable liaisons with many of the most senior regulatory and administrative professionals in the insolvency field.

III, due to its exceptional membership, its international leadership, and its resources, plays a valuable and highly significant role in the international insolvency field. It has achieved a worldwide reputation and is developing into a catalyst for improvement and change in the international insolvency area that has few, if any, equals.

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Index

A. A BRIEF OVERVIEW OF THE PHILIPPINE LEGAL SYSTEM

B. INSOLVENCY LAWS IN THE PHILIPPINES

C. REHABILITATION PROCEEDINGS

i. Court-supervised rehabilitation proceedings

a. Commencement order
b. Suspension or stay order
c. Rehabilitation receiver and management committee
d. Court's action at the initial hearing
e. Rehabilitation plan
f. Creditor's committee
g. Administrative expenses and post-filing credits
h. Termination of rehabilitation proceedings

ii. Appeal in rehabilitation proceedings

iii. Pre-negotiated rehabilitation

iv. Out-of-court or informal workout

D. CONVERSION TO LIQUIDATION PROCEEDINGS

i. Commingling of assets of related entities

E. TREATMENT OF FOREIGN CREDITORS OR CORPORATIONS

i. Right of foreign creditors or corporations to initiate or intervene in rehabilitation proceedings

F. LIABILITIES OF DIRECTORS AND OFFICERS

G. TREATMENT OF CONTRACTS

H. CLAWBACK RULES AND SAFE HARBOUR PROVISIONS

I. FOREIGN PROCEEDINGS

J. CONCLUSION AND RECOMMENDATION

APPENDIX OF LEGISLATION REFERRED TO

Corporate Restructuring and Insolvency Philippines 2020