WE at the Federation of Philippine Industries (FPI) commend the House of Representatives for taking the initiative to review the country’s corporate rehabilitation law in view of the challenges posed by the pandemic to businesses in the country. This is through House Resolution (HR) No. 797 authored by Rep. Rodante…
Industrialists call for overhaul of corporate rehab law bworldonline.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from bworldonline.com Daily Mail and Mail on Sunday newspapers.
Under Republic Act No. 10142, known as the Financial Rehabilitation and Insolvency Act of 2010 (“FRIA”), and the Financial Rehabilitation Rules of Procedure (A.M. No. 12-12-11-SC) (“FRIA Rules”), corporations undergoing financial rehabilitation are able to consolidate disputes pending before other courts and quasi-judicial offices to one court – the rehabilitation court. This is because of Section 17(e) (Effects of Commencement Order) of FRIA and Section 9(E), Rule 2 of the FRIA Rules allowing the consolidation of all legal proceedings by and against the debtor to the rehabilitation court.
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