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GSMH News LetterDear Clients, Friends and Partners,
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legal memorandum
Rehabilitation and Liquidation Proceedings
What is Insolvency?
Insolvency shall refer to the financial condition of a debtor that is generally unable to pay its or his liabilities as they fall due in the ordinary course of business or has liabilities that are greater than its or his assets. (Sec. 4(p), FRIA)
With the declaration of insolvency of the debtor, insolvency courts “obtain full and complete jurisdiction over all property of the insolvent and of all claims by and against it.” (Metropolitan Bank and Trust Company v. S.F. Naguiat Enterprises, Inc. G.R. No. 178407, March 18, 2015)
Insolvency shall refer to the financial condition of a debtor that is generally unable to pay its or his liabilities as they fall due in the ordinary course of business or has liabilities that are greater than its or his assets. (Sec. 4(p), FRIA)
With the declaration of insolvency of the debtor, insolvency courts “obtain full and complete jurisdiction over all property of the insolvent and of all claims by and against it.” (Metropolitan Bank and Trust Company v. S.F. Naguiat Enterprises, Inc. G.R. No. 178407, March 18, 2015)
