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Questions and Answers

What is the declaration of policy stated in the Financial Rehabilitation and Insolvency Act?

The declaration of policy is to encourage debtors and creditors to resolve and adjust competing claims and property rights, and ensure timely, fair, transparent, effective and efficient rehabilitation or liquidation of debtors.

What is the purpose of the rehabilitation or liquidation of debtors?

The purpose is to ensure or maintain certainty and predictability in commercial affairs, preserve and maximize the value of the assets of debtors, recognize creditor rights and respect priority of claims, and ensure equitable treatment of creditors who are similarly situated.

What does the State aim to achieve through the Financial Rehabilitation and Insolvency Act?

The State aims to encourage debtors and creditors to resolve competing claims and property rights, ensure a timely and fair rehabilitation or liquidation of debtors, and maintain certainty and predictability in commercial affairs.

Who does the Financial Rehabilitation and Insolvency Act apply to?

The Financial Rehabilitation and Insolvency Act applies to both juridical and natural persons who are debtors and their creditors. Signup and view all the answers

What principles should be followed in the rehabilitation or liquidation of debtors?

The principles of preserving and maximizing the value of debtor's assets, recognizing creditor rights, respecting priority of claims, and ensuring equitable treatment of creditors who are similarly situated should be followed in the rehabilitation or liquidation of debtors. Signup and view all the answers

What is the full name of the act that promotes debtors and creditors to resolve and adjust competing claims and property rights?

Financial Rehabilitation and Insolvency Act (RA No. 10142) Signup and view all the answers

What is the main objective of the State in ensuring rehabilitation or liquidation of debtors?

To ensure timely, fair, transparent, effective and efficient rehabilitation or liquidation of debtors Signup and view all the answers

What is the purpose of the Financial Rehabilitation and Insolvency Act?

To maintain certainty and predictability in commercial affairs, preserve and maximize the value of debtor's assets, recognize creditor rights and respect priority of claims, and ensure equitable treatment of creditors Signup and view all the answers

What is the significance of following rehabilitation or liquidation in the Financial Rehabilitation and Insolvency Act?

To ensure or maintain certainty and predictability in commercial affairs, preserve and maximize the value of debtor's assets, recognize creditor rights and respect priority of claims, and ensure equitable treatment of creditors who are similarly situated Signup and view all the answers

When rehabilitation is not feasible, what is the alternative?

Liquidation Signup and view all the answers