Studies the time, cost, and outcome of insolvency proceedings involving domestic entities.
Measured as cents per dollar, the recovery rate is calculated based on the outcome (whether
the creditor can recover in full or not) less the cost of the proceedings and the value
lost as a result of the time the money is tied up.
Improved Strength of Insolvency Framework through:
REFORM:
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Court en banc approval of A.M. No. 15-04-06 – SC Financial Liquidation and Suspension of Payments Rules of Procedure for Insolvent Debtors – last April 21, 2015 which promulgates the rules of pleading, practice, and procedure to govern the proceedings for the liquidation of insolvent juridical and Individual Debtors, and suspension of payments of insolvent individual debtors.
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Amendment of A.M. NO. 03-03-03-SC Dated June 17, 2003, for the expansion of the Coverage of Cases cognizable by the Special Commercial Courts to include all cases On Insolvency and Liquidation under FRIA. This was amended so the special commercial courts may take cognizance of financial rehabilitation and insolvency cases.
Reference Links:
Financial Liquidation Rules A.M. No. 15-04-06 SC
A.M. No. 03-03-03-SC-1 Commercial Courts 17Jun2003
Amendment to AM 03-03-03-SC
Agencies
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Department of Justice |
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ACCRALAW |
