Tuesday, September 15, 2015
Financial Liquidation and Suspension of Payments Rules of Procedure for Insolvent Debtors (2015), otherwise known as the "FLSP Rules"
See - Microsoft Word - FINAL FINAL FLSP RULES - 15-04-06-SC.pdf
A.M. NO. 15-04-06-SC
FINANCIAL LIQUIDATION AND SUSPENSION OF PAYMENTS RULES OF PROCEDURE FOR INSOLVENT DEBTORS (2015)
Republic Act No. 10142, otherwise known as the Financial Rehabilitation and Insolvency Act of 2010 (FRIA).
The Court resolved to APPROVE the Financial Liquidation and Suspension of Payments Rules of Procedure for Insolvent Debtors (2015), otherwise known as the "FLSP Rules".
"SEC. 2. SCOPE. – These Rules shall govern the practice, pleading, and procedure for the liquidation of insolvent juridical and individual debtors, and suspension of payments of insolvent individual debtors pursuant to the FRIA.
They shall similarly govern all further proceedings in insolvency cases already pending, except to the extent that, in the opinion of the court, its application would not be feasible or would work injustice, in which event the procedures originally applicable shall continue to govern.
These Rules shall have suppletory application to the liquidation of entities expressly excluded from the coverage of the FRIA under Section 5, Chapter I thereof."