Corporation ABC’s financial standing was heavily affected by the COVID-19 pandemic. It incurred liabilities that are due in 2023.
Corporation ABC’s financial standing was heavily affected by the COVID-19 pandemic. It incurred liabilities that are due in 2023. However, the assets of the corporation are still very illiquid and the management estimates that corporation will be able to fully settle its liabilities only on 2024. As a result, the Board of Directors of held a special meeting wherein all directors voted unanimously to undergo a rehabilitation proceeding. Right then and there, they drafted the Petition to initiate the rehabilitation proceedings and all of them signed the Petition. They have the Petition verified and they filed it with the Regional Trial Court the next day. 2 days after the filing of the Petition, Corporation XYZ, a creditor of Corporation ABC, wanted to perfect its mortgage over one of the corporation’s parcels of Land located in Makati City as payment of Corporation ABC’s debt. Corporation ABC countered that the perfection of the mortgage cannot take effect because they already filed a Petition to initiate the rehabilitation proceedings. 1.1 : Is the Petition properly filed for the purpose of initiating rehabilitation proceedings? (5 pts) 1.2 : Is Corporation ABC correct in saying that the lien of Corporation XYZ cannot be perfected? (5 pts) (2) Is there a standstill period in a Court—Supervised Rehabilitation? Why or why not? (5 W) (3) Is there a Cram Down Effect in a Court Supervised Rehabilitation? Why or why not? (5 pts) (4) Is there a Suspension of Payment for Insolvent Juridical Debtors? Why or why not? (5 pm) (5) What are the differences between Pre-negotiated rehabilitation vs Out-of-court Rehabilitation plans? (5 pts)
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