CORPORATE REHABILITATION UNDER PD 902-A
February 20, 2010
CORPORATE REHABILITATION UNDER PD 902-A
The Supreme Court promulgated the Interim Rules on Corporate Rehabilitation in 2000 to govern the procedure in the Regional Trial Court on cases filed under Presidential Decree 902-A which were transferred to regular courts from the Securities and Exchange Commission (SEC). The key objective of the Rules was to encourage the rehabilitation of viable enterprises facing the threat of insolvency in the country and to avoid closures because of prolonged litigation.
Corporate Rehabilitation is, of course, only for corporations or partnerships and associations. It is not available to single proprietorships or individuals. Only corporations in distress may apply for rehabilitation. To be considered distressed, it need not be insolvent, but merely illiquid. In other words, it has sufficient assets and properties, but cannot convert them into cash at the maturity of its obligations.
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