Rule of Procedure on Corporate Rehabilitation _ AM No_00!8!10_SC

8/12/2019 Rule of Procedure on Corporate Rehabilitation _ AM No_00!8!10_SC

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RULES OF PROCEDURE ON CORPORATE REHABILITATION (2008)2008 Dec 2

En BancA.M. NO. 00-8-10-SC

RESOLUTIONActing on the recommendation of The Subcommittee on Special Rules for Special Commercial Courts,submitting for the consideration and appro al of the Court the proposed !Rules of "rocedure on CorporateRehabilitation #$%%&',( the Court Resol ed to A""RO)E the same*

The Rule shall ta+e effect on anuar- ./, $%%0 follo1ing its publication in t1o #$' ne1spapers of generalcirculation*

2ecember $, $%%&*

RE3NATO S* "UNOChief ustice

LEONAR2O A* 4UISU56IN7Associate ustice

CONSUELO 3NARES8SANTIA7OAssociate ustice

ANTONIO T* CAR"IOAssociate ustice

5A* ALICIA AUSTRIA85ARTINE9Associate ustice

RENATO C* CORONAAssociate ustice

CONC:ITA CAR"IO 5ORALESAssociate ustice

A2OL;O S* A9CUNAAssociate ustice

2ANTE O* TIN7AAssociate ustice

5INITA )* C:ICO8NA9ARIOAssociate ustice

"RES6ITERO * )ELASCO, R*Associate ustice

ANTONIO E2UAR2O 6* NAC:URAAssociate ustice

TERESITA * LEONAR2O 2E CASTROAssociate ustice


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RU6EN T* RE3ESAssociate ustice

ARTURO 2* 6RIONAssociate ustice

RULE .CO)ERA7E

SECTION .* Scope*


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Control also e=ists e en 1hen the parent o1ns one8half #.D$' or less of the oting po1er of an enterprise1hen there is po1er?

#a' O er more than one8half #.D$' of the oting rights b- irtue of an agreement 1ith in estors@

#b' To direct or go ern the financial and operating policies of the enterprise under a statute or anagreement@

#c' To appoint or remo e the maForit- of the members of the board of directors or eBui alent go erning bod-@ or

#d' To cast the maForit- otes at meetings of the board of directors or eBui alent go erning bod-*

!Creditor( shall mean an- holder of a Claim*

!Court( shall refer to the proper Regional Trial Court designated to hear and decide the cases contemplatedunder these Rules*

!2a-s( shall refer to calendar da-s unless other1ise pro ided in these Rules*

!2ebtor( shall mean an- corporation, partnership or association or a group of companies, 1hethersuper ised or regulated b- the Securities and E=change Commission or other go ernment agencies, on1hose behalf a petition for rehabilitation has been filed under these Rules*

!;oreign court( means a Fudicial or other authorit- competent to control or super ise a foreign proceeding*

!;oreign proceeding( means a collecti e Fudicial or administrati e proceeding in a foreign State, includingan interim proceeding, pursuant to a la1 relating to insol enc- in 1hich proceeding the assets and affairs ofthe debtor are subFect to control or super ision b- a foreign court, for the purpose of rehabilitation or re8organi ation*

!;oreign representati e( means a person or entit-, including one appointed on an interim basis, authori edin a foreign proceeding to administer the reorgani ation or rehabilitation of the debtor or to act as arepresentati e of the foreign proceeding*

!7roup of companies( refers to, and can co er onl-, corporations that are financiall- related to one anotheras parent corporations, subsidiaries and affiliates*

Ghen the petition co ers a group of companies, all reference under these Rules to !debtor( shall includeand appl- to the group of companies*

!Liabilities( shall refer to monetar- claims against the debtor, including stoc+holderHs ad ances that ha e been recorded in the debtorHs audited financial statements as ad ances for future subscriptions*

!"arent( is a corporation 1hich has control o er another corporation directl- or indirectl- through one or

more intermediaries*

!Rehabilitation( shall mean the restoration of the debtor to a position of successful operation and sol enc-,if it is sho1n that its continuance of operation is economicall- feasible and its creditors can reco er b- 1a-of the present alue of pa-ments proFected in the plan, more if the corporation continues as a going concernthan if it is immediatel- liBuidated*

!Secured claim( shall refer to an- claim 1hose pa-ment or fulfillment is secured b- contract or b- la1,including an- claim or credit enumerated under Articles $$ . and $$ $ of the Ci il Code and Article ..%,as amended, of the Labor Code of the "hilippines*


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!Subsidiar-( means a corporation more than fift- percent # %J' of the oting stoc+ of 1hich is o1ned orcontrolled directl- or indirectl- through one or more intermediaries b- another corporation, 1hich thereb-

becomes its parent corporation*

!Unsecured claim( shall mean an- claim other than a secured claim*

SEC* $* Construction*


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Securities and E=change Commission as 5etro 5anila, the action must be filed in the regional trial court ofthe cit- or municipalit- 1here the head office is located*

A Foint petition b- a group of companies shall be filed in the Regional Trial Court 1hich has Furisdictiono er the principal office of the parent compan-, as specified in its Articles of Incorporation*

SEC* K* Ser ice of "leadings and 2ocuments*


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agencies concerned' to file and ser e on the debtor a erified comment on or opposition to the petition,1ith supporting affida its and documents, not later than fifteen #. ' da-s before the date of the first initialhearing and putting them on notice that their failure to do so 1ill bar them from participating in the

proceedings@ and #m' directing the creditors and interested parties to secure from the court copies of the petition and its anne=es 1ithin such time as to enable themsel es to file their comment on or opposition tothe petition and to prepare for the initial hearing of the petition*

The issuance of a sta- order does not affect the right to commence actions or proceedings insofar as it isnecessar- to preser e a claim against the debtor*

SEC* &* Ser ice of Sta- Order on Rehabilitation Recei er*


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# ' 7ood moral character, independence and integrit-@

# ' Lac+ of conflict of interest as defined in this Section@ and

#/' Gillingness and abilit- to file a bond in such amount as ma- be determined b- the court*

#b' Githout limiting the generalit- of the follo1ing, a rehabilitation recei er ma- be deemed to ha e aconflict of interest if?

#.' :e is a creditor or stoc+holder of the debtor@

#$' :e is engaged in a line of business 1hich competes 1ith the debtor@

#K' :e is, or 1as 1ithin t1o #$' -ears from the filing of the petition, a director, officer, or emplo-ee of thedebtor or an- of its present creditors, or the auditor or accountant of the debtor@

# ' :e is or 1as 1ithin t1o #$' -ears from the filing of the petition, an under1riter of the outstandingsecurities of the debtor@

# ' :e is related b- consanguinit- or affinit- 1ithin the fourth ci il degree to an- creditor, stoc+holder,director, officer, emplo-ee, or under1riter of the debtor@ or

#/' :e has another direct or indirect material interest in the debtor or an- creditor*

SEC* .$* "o1ers and ;unctions of Rehabilitation Recei er*


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#g' To ma+e a ailable to the creditors documents and notices necessar- for them to follo1 and participatein the proceedings@

#h' To report to the court an- fact ascertained b- him pertaining to the causes of the debtor s problems,fraud, preferences, dispositions, encumbrances, misconduct, mismanagement and irregularities committed

b- the stoc+holders, directors, management, or another person against the debtor@

#i' To emplo- such person or persons such as la1-ers, accountants, appraisers and staff as are necessar- in performing his functions and duties as rehabilitation recei er@

#F' To monitor the operations of the debtor and to immediatel- report to the court an- material ad ersechange in the debtor s business@

#+' To e aluate the e=isting assets and liabilities, earnings and operations of the debtor@

#l' To determine and recommend to the court the best 1a- to sal age and protect the interests of thecreditors, stoc+holders and the general public@

#m' To stud- the rehabilitation plan proposed b- the debtor or an- rehabilitation plan submitted during the proceedings, together 1ith an- comments made thereon@

#n' To prohibit and report to the court an- encumbrance, transfer or disposition of the debtor s propert-outside of the ordinar- course of business or 1hat is allo1ed b- the court@

#o' To prohibit and report to the court an- pa-ments outside of the ordinar- course of business@

#p' To ha e unlimited access to the debtor s emplo-ees, premises, boo+s, records and financial documentsduring business hours@

#B' To inspect, cop-, photocop- or photograph an- document, paper, boo+, account or letter, 1hether in the possession of the debtor or other persons@

#r' To gain entr- into an- propert- for the purpose of inspecting, measuring, sur e-ing or photographing itor an- designated rele ant obFect or operation thereon@

#s' To ta+e possession, control and custod- of the debtor s assets@

#t' To notif- counterparties and the court as to contracts that the debtor has decided to continue to performor breach@

#u' To be notified of and to attend all meetings of the board of directors and stoc+holders of the debtor@

# ' To recommend an- modification of an appro ed rehabilitation plan as he ma- deem appropriate@

#1' To bring to the attention of the court an- material change affecting the debtor s abilit- to meet theobligations under the rehabilitation plan@

#=' To recommend the appointment of a management committee in the cases pro ided for under"residential 2ecree No* 0%$8A, as amended@

#-' To recommend the termination of the proceedings and the dissolution of the debtor if he determines thatthe continuance in business of such entit- is no longer feasible or profitable or no longer 1or+s to the bestinterest of the stoc+holders, parties8litigants, creditors or the general public@

# ' To appl- to the court for an- order or directi e that he ma- deem necessar- or desirable to aid him inthe e=ercise of his po1ers and performance of his duties and functions@ and


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#aa' To e=ercise such other po1ers as ma- from time to time be conferred upon him b- the court*

SEC* .K* Oath and 6ond*


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#d' Contracts and other arrangements bet1een the debtor and its creditors shall be interpreted as continuingto appl- to the e=tent that the- do not conflict 1ith the pro isions of the plan@ and

#e' An- compromises on amounts or rescheduling of timing of pa-ments b- the debtor shall be binding oncreditors regardless of 1hether or not the plan is successfull- implemented*

SEC* $.* Re ocation of Rehabilitation "lan on 7rounds of ;raud*< Upon motion, 1ithin ninet- #0%' da-s from the appro al of the rehabilitation plan, and after notice andhearing, the court ma- re o+e the appro al thereof on the ground that the same 1as secured through fraud*

SEC* $$* Alteration or 5odification of Rehabilitation "lan*


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demands to enforce claims or liens against the debtor@ and #>' the manner b- 1hich the debtor ma- berehabilitated and ho1 such rehabilitation ma- benefit the general bod- of creditors, emplo-ees andstoc+holders*

#b' The petition shall be accompanied b- the follo1ing documents?

#.' An audited financial statement of the debtor at the end of its last fiscal -ear@#$' Interim financial statements as of the end of the month prior to the filing of the petition@

#K' A Schedule of 2ebts and Liabilities 1hich lists all the creditors of the debtor, indicating the name andlast address of record of each creditor@ the amount of each claim as to principal, interest, or penalties due asof the date of filing@ the nature of the claim@ and an- pledge, lien, mortgage Fudgment or other securit-gi en for the pa-ment thereof@

# ' An In entor- of Assets 1hich must list 1ith reasonable specificit- all the assets of the debtor, statingthe nature of each asset, the location and condition thereof, the boo+ alue or mar+et alue of the asset, andattaching the corresponding certificate of title therefor in case of real propert-, or the e idence of title oro1nership in case of mo able propert-, the encumbrances, liens or claims thereon, if an-, and the identitiesand addresses of the lienholders and claimants* The In entor- shall include a Schedule of AccountsRecei able 1hich must indicate the amount of each, the persons from 1hom due, the date of maturit- andthe degree of collectibilit- categori ing them as highl- collectible to remotel- collectible@

# ' A rehabilitation plan 1hich conforms 1ith the minimal reBuirements set out in Section .& of Rule K@

#/' A Schedule of "a-ments and 2isposition of Assets 1hich the debtor ma- ha e effected 1ithin three #K'months immediatel- preceding the filing of the petition@

#>' A Schedule of Cash ;lo1 of the debtor for three #K' months immediatel- preceding the filing of the petition, and a detailed schedule of the proFected cash flo1 for the succeeding three #K' months@

#&' A Statement of "ossible Claims b- or against the debtor 1hich must contain a brief statement of thefacts 1hich might gi e rise to the claim and an estimate of the probable amount thereof@

#0' An Affida it of 7eneral ;inancial Condition 1hich shall contain ans1ers to the Buestions or matters prescribed in Anne= A hereof@

#.%' At least three #K' nominees for the position of rehabilitation recei er as 1ell as their Bualifications andaddresses, including but not limited to their telephone numbers, fa= numbers and e8mail address@ and

#..' A certificate attesting under oath that #i' the filing of the petition has been dul- authori ed@ and #ii' thedirectors and stoc+holders of the debtor ha e irre ocabl- appro ed andDor consented to, in accordance 1ithe=isting la1s, all actions or matters necessar- and desirable to rehabilitate the debtor including, but notlimited to, amendments to the articles of incorporation and b-8la1s or articles of partnership@ increase ordecrease in the authori ed capital stoc+@ issuance of bonded indebtedness@ alienation, transfer, orencumbrance of assets of the debtor@ and modification of shareholders rights*

#c' ;i e # ' copies of the petition shall be filed 1ith the court*

SEC* K* )erification b- 2ebtor*


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in estors and the creditors of the debtor, 1hich 1arrant the appointment of a rehabilitation recei er* Thereis no petition for insol enc- filed 1ith another bod-, court or tribunal affecting the petitioner* TheIn entor- of Assets and the Schedule of 2ebts and Liabilities contains a full, correct and true description ofall debts and liabilities and of all goods, effects, estate and propert- of 1hate er +ind or class belonging to

petitioner* The In entor- also contains a full, correct and true statement of all debts o1ing or due to petitioner, or to an- person or persons in trust for petitioner and of all securities and contracts 1hereb- an-

mone- ma- hereafter become due or pa-able to petitioner or b- or through 1hich an- benefit or ad antagema- accrue to petitioner* The petition contains a concise statement of the facts gi ing rise, or 1hich mightgi e rise, to an- cause of action in fa or of petitioner* "etitioner has no land, mone-, stoc+, e=pectanc-, or

propert- of an- +ind, e=cept those set forth in the In entor- of Assets* "etitioner has, in no instance,created or ac+no1ledged a debt for a greater sum than the true and correct amount* "etitioner, its officers,directors and stoc+holders ha e not, directl- or indirectl-, concealed, fraudulentl- sold or other1isefraudulentl- disposed of, an- part of petitioner s real or personal propert-, estate, effects or rights of action,and petitioner, its officers, directors and stoc+holders ha e not in an- 1a- compounded 1ith an- of itscreditors in order to gi e preference to such creditors, or to recei e or to accept an- profit or ad antagetherefrom, or to defraud or decei e in an- manner an- creditor to 1hom petitioner is indebted* "etitioner,its officers, directors, and stoc+holders ha e been acting in good faith and 1ith due diligence*

SEC* * Opposition to or Comment on "etition* of Rule K, the petitioner shall filea publisher s affida it sho1ing that the publication reBuirements and a petitionerHs affida it sho1ing thatthe notification reBuirement for foreign creditors had been complied 1ith, as reBuired in the sta- order*

#b' 6efore proceeding 1ith the initial hearing, the court shall determine 1hether the FurisdictionalreBuirements set forth abo e had been complied 1ith* After finding that such reBuirements are met, thecourt shall ensure that the parties consider in detail all of the follo1ing?

#.' Amendments to the rehabilitation plan proposed b- the debtor@

#$' Simplification of the issues@

#K' The possibilit- of obtaining stipulations and admission of facts and documents, including resort toreBuest for admission under Rule $/ of the Rules of Court@

# ' The possibilit- of amicabl- agreeing on an- issue brought up in the comments on, or opposition to, the petition@

# ' Referral of an- accounting, financial and other technical issues to an e=pert@

#/' The possibilit- of submitting the petition for decision on the basis of the comments, opposition,affida its and other documents on record@

#>' The possibilit- of a ne1 rehabilitation plan oluntaril- agreed upon b- the debtor and its creditors@ and

#&' Such other matters as ma- aid in the speed- and summar- disposition of the case*


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SEC* /* Additional :earings*


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opposition of the creditors is manifestl- unreasonable* The opposition of the creditors is manifestl-unreasonable if the follo1ing are present?

#a' The rehabilitation plan complies 1ith the reBuirements specified in Section .& of Rule K@

#b' The rehabilitation plan 1ould pro ide the obFecting class of creditors 1ith pa-ments 1hose present

alue proFected in the plan 1ould be greater than that 1hich the- 1ould ha e recei ed if the assets of thedebtor 1ere sold b- a liBuidator 1ithin a si= #/'8month period from the date of filing of the petition@ and

#c' The rehabilitation recei er has recommended appro al of the plan*

In appro ing the rehabilitation plan, the court shall ensure that the rights of the secured creditors are notimpaired* The court shall also issue the necessar- orders or processes for its immediate and successfulimplementation* It ma- impose such terms, conditions, or restrictions as the effecti e implementation andmonitoring thereof ma- reasonabl- reBuire, or for the protection and preser ation of the interests of thecreditors should the plan fail*

SEC* .$* "eriod to 2ecide "etition*


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#b' 2irect the publication of the order in a ne1spaper of general circulation once a 1ee+ for at least t1o #$'consecuti e 1ee+s, 1ith the first publication to be made 1ithin se en #>' da-s from the time of its issuance@

#c' 2irect the ser ice b- personal deli er- of a cop- of the petition on each creditor 1ho is not a petitionerholding at least fi e percent # J' of the total liabilities of the debtor, as determined in the schedule attachedto the petition, 1ithin three #K' da-s@

#d' 2irect the petitioner to furnish a cop- of the petition and its anne=es, as 1ell as the sta- order, to therele ant regulator- agenc-@

#e' State that copies of the petition and the rehabilitation plan are a ailable for e=amination and cop-ing b-an- interested part-@

#f' 2irect creditors and other parties interested #including the Securities and E=change Commission and therele ant regulator- agencies such as, but not limited to, the 6ang+o Sentral ng "ilipinas, the InsuranceCommission, the National Telecommunications Commission, the :ousing and Land Use Regulator- 6oardand the Energ- Regulator- Commission' in opposing the petition or rehabilitation plan to file their erifiedobFections thereto or comments thereon 1ithin a period of not later than t1ent- #$%' da-s from the second

publication of the order, 1ith a 1arning that failure to do so 1ill bar them from participating in the proceedings@

#g' Appoint the rehabilitation recei er named in the plan, unless the court finds that he is not Bualifiedunder these Rules in 1hich case it ma- appoint a Bualified rehabilitation recei er of its choice@

#h' Sta- enforcement of all claims, 1hether for mone- or other1ise and 1hether such enforcement is b-court action or other1ise, against the debtor, its guarantors and persons not solidaril- liable 1ith the debtor@

pro ided, that the sta- order shall not co er claims against letters of credit and similar securit-arrangements issued b- a third part- to secure the pa-ment of the debtorHs obligations@ pro ided further,that the sta- order shall not co er foreclosure b- a creditor of propert- not belonging to a debtor undercorporate rehabilitation@ pro ided, ho1e er, that 1here the o1ner of such propert- sought to be foreclosedis also a guarantor or one 1ho is not solidaril- liable, said o1ner shall be entitled to the benefit ofe=cussion as such guarantor@

#i' "rohibit the debtor from selling, encumbering, transferring, or disposing in an- manner an- of its properties e=cept in the ordinar- course of business@

#F' "rohibit the debtor from ma+ing an- pa-ment of its liabilities outstanding as of the date of filing of the petition@

#+' "rohibit the debtor s suppliers of goods or ser ices from 1ithholding suppl- of goods and ser ices inthe ordinar- course of business for as long as the debtor ma+es pa-ments for the ser ices and goodssupplied after the issuance of the sta- order@

#l' 2irect the pa-ment in full of all administrati e e=penses incurred after the issuance of the sta- order@and

#m' 2irect the pa-ment of ne1 loans or other forms of credit accommodations obtained for therehabilitation of the debtor 1ith prior court appro al*

SEC* K* Appro al of "lan*


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#a' The petition or the rehabilitation plan or their attachments contain material omissions or are materiall-false or misleading@

#b' The terms of rehabilitation are unattainable@ or

#c' The appro al or endorsement of creditors reBuired under Section . of this Rule has not been obtainedCopies of an- obFection to the petition or the rehabilitation plan shall be ser ed on the petitioning debtorandDor creditors*

SEC* * :earing on ObFections** Effects of Appro al of Rehabilitation "lan*RECO7NITION O; ;OREI7N "ROCEE2IN7S

SEC* .* Scope of Application*


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#a' A certified cop- of the decision commencing the foreign proceeding and appointing the foreignrepresentati e@ or

#b' A certificate from the foreign court affirming the e=istence of the foreign proceeding and of theappointment of the foreign representati e@ or

#c' In the absence of e idence referred to in subparagraphs #a' and

#b', another e idence acceptable to the court of the e=istence of the foreign proceeding and of theappointment of the foreign representati e*

SEC* * Recognition of ;oreign "roceeding** "ro isional Relief that 5a- be 7ranted upon Application for Recognition of ;oreign "roceeding*


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SEC* 0* Relief That 5a- be 7ranted After Recognition of ;oreign "roceeding*<

#a' Upon recognition of a foreign proceeding, 1here necessar- to protect the assets of the debtor or theinterests of the creditors, the court ma-, upon motion of the foreign representati e, grant an- appropriaterelief including?

#.' Sta-ing the commencement or continuation of indi idual actions or indi idual proceedings concerningthe debtor s assets, rights, obligations or liabilities to the e=tent the- ha e not been sta-ed under Sectiona' of this Rule@

#$' Sta-ing e=ecution against the debtor s assets to the e=tent it has not been sta-ed under Section b' ofthis Rule@

#K' Suspending the right to transfer, encumber or other1ise dispose of an- assets of the debtor to the e=tentthis right has not been suspended under Section c' of this Rule@

# ' "ro iding for the e=amination of 1itnesses, the ta+ing of e idence or the deli er- of informationconcerning the debtor s assets, affairs, rights, obligations or liabilities@

# ' Entrusting the administration or reali ation of all or part of the debtor s assets located in the "hilippinesto the foreign representati e or another person designated b- the court@

#/' E=tending the relief granted under Section > of this Rule@

#>' 7ranting an- additional relief that ma- be a ailable to the rehabilitation recei er under these la1s*

#b' Upon recognition of a foreign proceeding, the court ma-, at the reBuest of the foreign representati e,entrust the distribution of all or part of the debtor s assets located in the "hilippines to the foreignrepresentati e or another person designated b- the court@ pro ided that the court is satisfied that theinterests of local creditors are adeBuatel- protected*

SEC* .%* "rotection of Creditors and Other Interested "ersons*<

#a' In granting or den-ing relief under this Rule or in modif-ing or terminating the relief under paragraph#c' of this Section, the court must be satisfied that the interests of the creditors and other interested persons,including the debtor, are adeBuatel- protected*

#b' The court ma- subFect the relief granted under Section > or Section 0 of this Rule to conditions itconsiders appropriate*

#c' The court ma-, upon motion of the foreign representati e or a person affected b- the relief grantedunder Section > or Section 0 of this Rule, or on its o1n motion, modif- or terminate such relief*

SEC* ..* Actions to A oid Acts 2etrimental to Creditors*


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RULE 0;INAL "RO)ISIONS

SEC* .* Se erabilit-*


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#.&' :as the debtor 1ithin the t1el e months preceding the filing of the petition?

#a' made an- pa-ments, returned an- goods or deli ered an- propert- to an- of its creditors, e=cept in thenormal course of businessQ

#b' e=ecuted an- mortgage, pledge, or securit- o er an- of its properties in fa or of an- creditorQ#c' transferred or disposed of an- of its properties in pa-ment of an- debtQ

#d' sold, disposed of, or remo ed an- of its propert- e=cept in the ordinar- course of businessQ

#e' sold an- merchandise at less than fair mar+et alue or purchased merchandise or ser ices at more thanfair mar+et alueQ

#f' made or been a part- to an- settlement of propert- in fa or of an- personQ

If, so, gi e particulars*

#.0' :as the debtor recorded all sales or dispositions of assetsQ

#$%' Ghat 1ere the sales for the last three -ears and 1hat percentage of the sales represented the profit ormar+8upQ

#$.' Ghat 1ere the profits or losses for the debtor for the last three -earsQ

#$$' Ghat are the causes of the problems of the debtorQ "lease pro ide particularsQ

#$K' Ghen did -ou first notice these problems and 1hat actions did the debtor ta+e to rectif- themQ

#$ ' :o1 much do -ou estimate is needed to rehabilitate the debtorQ

#$ ' :as an- person e=pressed interest in in esting ne1 mone- into the debtorQ

#$/' Are there an- pending and threatened legal actions against the debtorQ If so, please pro ide particulars*

#$>' :as the debtor discussed an- restructuring or repa-ment plan 1ith an- of the creditorsQ "lease pro idestatus and details*

#$&' :as an- creditor e=pressed interest in restructuring the debts of the debtorQ If so, please gi e particulars*

#$0' :a e emplo-ees 1ages and salaries been +ept currentQ If not, ho1 much are in arrears and 1hat time period do the arrears representQ

#K%' :a e obligation to the go ernment and its agencies been +ept currentQ If not, ho1 much are in arrears

and 1hat time period do the arrears representQ

Rule of Procedure on Corporate Rehabilitation _ AM No_00!8!10_SC

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Transcript of Rule of Procedure on Corporate Rehabilitation _ AM No_00!8!10_SC