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Questions and Answers
What percentage of secured creditors is necessary to approve an Out-of-Court Rehabilitation Agreement?
Which period is associated with the Out-of-Court Rehabilitation stand-still agreement?
Who appoints the Management Committee during a rehabilitation process?
When is a rehabilitation plan deemed approved if not acted upon?
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What is not a duty of a Rehabilitation Receiver?
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What is the first step in the liquidation process for an insolvent juridical debtor?
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Which one is NOT part of the qualifications for a Rehabilitation Receiver?
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Which percentage of unsecured creditors is required to approve an Out-of-Court Rehabilitation Agreement?
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What is necessary for the publication in an Out-of-Court Rehabilitation?
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Study Notes
Business Laws and Regulations: Midterms
Rehabilitation
- Filing deemed approved if not acted upon within 120 days
- Can be through Out-of-Court Rehabilitation (Informal Restructuring Agreement) or Court-assisted Rehabilitation
Out-of-Court Rehabilitation (OCRA)
- Approved by creditors representing 85% of total liabilities (67% secured and 75% unsecured)
- No court petition for approval, only for implementation
- Stand-still period of 120 days, approved by majority creditors, with published agreement to invite creditors
OCRA Procedure
- Petition for Court Assistance to Execute OCRA / Implement Standstill Agreement
- Summons and Summary Hearing
Liquidation for Insolvent Juridical Debtor
- Petition with schedule, inventory, and nominee, or Motion during pendency of rehabilitation proceedings (if no likelihood of rehabilitation)
- Court orders publication and filing of comments
- Approval of Liquidation Order, appointment of Liquidator, and Registry of Claims
- Liquidation Plan and completion/termination
Rehabilitation Receiver
Qualifications
- Citizen or resident, good moral character, knowledgeable, and no conflict of interest (creditor, same business, officer, underwriter, related within 4th degree)
Duties
- Preserve assets, determine viability, prepare and implement the plan
Management Committee
- Recommended by the Rehabilitation Receiver
- In charge of management and control of the debtor
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Description
This quiz covers business laws and regulations, focusing on rehabilitation, publication, implementation, and termination, as well as out-of-court rehabilitation and restructuring agreements.
