Philippines report – Corporate Restructuring and Insolvency in Asia 2020

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Reporter: Antonio Jose Gerardo T Paz

Index

A. A BRIEF OVERVIEW OF THE PHILIPPINE LEGAL SYSTEM

B. INSOLVENCY LAWS IN THE PHILIPPINES

C. REHABILITATION PROCEEDINGS

i. Court-supervised rehabilitation proceedings

a. Commencement order
b. Suspension or stay order
c. Rehabilitation receiver and management committee
d. Court's action at the initial hearing
e. Rehabilitation plan
f. Creditor's committee
g. Administrative expenses and post-filing credits
h. Termination of rehabilitation proceedings

ii. Appeal in rehabilitation proceedings

iii. Pre-negotiated rehabilitation

iv. Out-of-court or informal workout

D. CONVERSION TO LIQUIDATION PROCEEDINGS

i. Commingling of assets of related entities

E. TREATMENT OF FOREIGN CREDITORS OR CORPORATIONS

i. Right of foreign creditors or corporations to initiate or intervene in rehabilitation proceedings

F. LIABILITIES OF DIRECTORS AND OFFICERS

G. TREATMENT OF CONTRACTS

H. CLAWBACK RULES AND SAFE HARBOUR PROVISIONS

I. FOREIGN PROCEEDINGS

J. CONCLUSION AND RECOMMENDATION

APPENDIX OF LEGISLATION REFERRED TO