Compiled from an official source version. Later amendments or repeals may not be reflected; the official text prevails.・Read the official text ↗
Provision of Assistance.
SEC. 137. Provision of Assistance. — The court shall issue orders, adjudicate claims and provide other relief necessary to assist in the liquidation of a financial under rehabilitation receivership established by a state-funded or state-mandated insurance system.
Application of Relevant Legislation.
SEC. 138. Application of Relevant Legislation. — The liquidation of bank, financial institutions, insurance companies and pre-need companies shall be determined by relevant legislation. The provisions in this Act shall apply in a suppletory manner. (B) Cross-Border Insolvency Proceedings.
Adoption of Uncitral Model Law on Cross-Border Insolvency.
SEC. 139. Adoption of Uncitral Model Law on Cross-Border Insolvency. — Subject to the provision of Section 136 hereof and the rules of procedure that may be adopted by the Supreme Court, the Model Law on Cross-Border Insolvency of the United Nations Center for International Trade and Development is hereby adopted as part of this Act.
Initiation of Proceedings.
SEC. 140. Initiation of Proceedings. — The court shall set a hearing in connection with an insolvency or rehabilitation proceeding taking place in a foreign jurisdiction, upon the submission of a petition by the representative of the foreign entity that is the subject of the foreign proceeding.
Provision of Relief.
SEC. 141. Provision of Relief. — The court may issue orders: suspending any action to enforce claims against the entity or otherwise seize or foreclose on property of the foreign entity located in the Philippines; requiring the surrender property of the foreign entity to the foreign representative; or providing other necessary relief.
Factors in Granting Relief.
SEC. 142. Factors in Granting Relief. — In determining whether to grant relief under this subchapter, the court shall consider; the protection of creditors in the Philippines and the inconvenience in pursuing their claim in a foreign proceeding; the just treatment of all creditors through resort to a unified insolvency or rehabilitation proceedings; whether other jurisdictions have given recognition to the foreign proceeding; the extent that the foreign proceeding recognizes the rights of creditors and other interested parties in a manner substantially in accordance with the manner prescribed in this Act; and the extent that the foreign proceeding has recognized and shown deference to proceedings under this Act and previous legislation.
Provisions on this page are reproduced verbatim from official open data. See the attribution line.
Source: Supreme Court E-Library, Republic of the Philippines. Philippine laws are public documents (works of the government).