First of four parts
Not known to all lawyers, the Supreme Court (SC) promulgated the Financial Liquidation and Suspension of Payments Rules of Procedure for Insolvent Debtors (FLSP Rules ) on April 21, 2015.
The FLSP Rules is the second of two sets of rules of procedure promulgated by the SC to implement the Financial Rehabilitation and Insolvency Act (FRIA). The first set was the Financial Rehabilitation Rules of Procedure (FR Rules), which became effective on October 22, 2013.
Similar to the FR Rules, the FLSP Rules, which became effective on July 27, 2015, was designed to provide a timely, fair, transparent, effective and efficient liquidation of the assets and liabilities of an insolvent debtor.
What is liq…
Read the full article at: http://business.inquirer.net/211682/liquidation-in-insolvency