Applicability of Provisions.
Section 144
SEC. 144. Applicability of Provisions. — The provisions in Chapter II, insofar as they are applicable, shall likewise apply to proceedings in Chapters II and IV.
RA 10142 CHAPTER X
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Penalties.
Section 145
SEC. 145. Penalties. — An owner, partner, director, officer or other employee of the debtor who commits any one of the following acts shall, upon conviction thereof, be punished by a fine of not more than One million pesos (Php1,000,000.00) and imprisonment for not less than three(3) months nor more than five (5) years for each offense; if he shall, having notice of the commencement of the proceedings, or having reason to believe that proceedings are about to be commented, or in contemplation of the proceedings hide or conceal, or destroy or cause to be destroyed or hidden any property belonging to the debtor or if he shall hide, destroy, after mutilate or falsify, or cause to be hidden, destroyed, altered, mutilated or falsified, any book, deed, document or writing relating thereto; if he shall, with intent to defraud the creditors of the debtor, make any payment sale, assignment, transfer or conveyance of any property belongings to the debtor if he shall, having knowledge belief of any person having proved a false or fictitious claim against the debtor, fail to disclose the same to the rehabilitation receiver of liquidator within one (1) month after coming to said knowledge or belief; or if he shall attempt to account for any of the debtors property by fictitious losses or expense; or if he shall knowingly violate a prohibition or knowingly fail to undertake an obligation established by this Act.
Application to Pending Insolvency, Suspension of Payments and Rehabilitation Cases.
Section 146
SEC. 146. Application to Pending Insolvency, Suspension of Payments and Rehabilitation Cases. — This Act shall govern all petitions filed after it has taken effect. All further proceedings in insolvency, suspension of payments and rehabilitation cases then pending, except to the extent that in opinion of the court their application would not be feasible or would work injustice, in which event the procedures set forth in prior laws and regulations shall apply.
Application to Pending Contracts.
Section 147
SEC. 147. Application to Pending Contracts. — This Act shall apply to all contracts of the debtor regardless of the date of perfection.
Repealing Clause.
Section 148
SEC. 148. Repealing Clause. — The Insolvency Law (Act No. 1956). As amended is hereby repealed. All other laws, orders, rules and regulations or parts thereof inconsistent with any provision of this Act are hereby repealed or modified accordingly.
Separability Clause.
Section 149
SEC. 149. Separability Clause. — If any provision of this Act shall be held invalid, the remainder of this Act not otherwise affected shall remain in full force effect
Effectivity Clause.
Section 150
SEC. 150. Effectivity Clause. — This Act shall take effect fifteen (15) days after its complete publication in the Official Gazette or in at least two (2) national newspaper of general circulation. Approved, (Sgd.) JUAN PONCE ENRILE (Sgd.) PROSPERO C. NOGRALES President of Senate Speaker of the House of Representatives This Act which is a consolidation of House Bill No. 7090 and Senate Bill No. 61 was finally passed by the House of Representatives and the Senate on February 1, 2010 and February 2, 2010, respectively. (Sgd.) EMMA LIRIO-REYES (Sgd.) MARILYN B. BARUA-YAP Secretary of Senate Secretary General House of Representatives Approved: GLORIA MACAPAGAL - ARROYO President of the Philippines Lapsed into law on JUL 18 2010 without the signature of the President, in accordance with Article VI, Section 27 (1) of the Constitution.
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Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).
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