Final Exam AE-3

This refer to the restoration of the debtor to a condition of successful operation and solvency, if it is shown that its continuance of operation is economically feasible and its creditors can recover by way of the present value of payments projected in the plan, more if the debtor continues as a going concern than if it is immediately liquidated.

• Conservatorship

• Rehabilitation

• Insolvency

• Liquidation

This shall refer to the person or persons, natural or juridical, appointed as such by the court pursuant to this Act and which shall be entrusted with such powers and duties as set forth in the act

• Rehabilitation trustor

• Liquidation in charge

• Rehabilitation receiver

• Liquidation trustee

One of the cooperative principles that emphasizes, self-help organizations controlled by their members. If they enter into agreements with other organizations, including government, or raise capital from external sources, they shall do so on terms that ensure democratic control of their members and maintain their cooperative autonomy

• Voluntary and open membership

• Democratic member control

• Autonomy and independence

• Cooperation among cooperatives.

This shall mean the full membership of the cooperative duly assembled for the purpose of exercising all the rights and performing all the obligations pertaining to cooperatives, as provided by the Code, its articles of cooperation and bylaws

• Members and other stakeholders

• General Assembly

• Stakeholders

• Regular members

Which of the following is LEAST correct?

• The rehabilitation or liquidation shall be made with a view to ensure or maintain certainty and predictability in commercial affairs, preserve and maximize the value of the assets of these debtors, recognize creditor rights and respect priority of claims, and ensure equitable treatment of creditors who are similarly situated.

• Jurisdiction over liquidation, suspension of payments and corporate rehabilitation remains with the Security and Exchange Commission.

• When rehabilitation is not feasible, it is in the interest of the State to facilitate a speedy and orderly liquidation of these debtors’ assets and the settlement of their obligations.

  b. The Insolvency Law was expressly repealed by Republic Act No. 10142

• The Insolvency Law was expressly repealed by Republic Act No. 10142

Who among the followings can avail the remedy of suspension of payments?

• All natural persons

• Individual debtor

• Partnership

• Corporation

Which of the following is LEAST correct?

• Suspension of payments may be filed by the debtor

• Suspension of payments may be involuntary

• Voluntary payments is one filed by the creditors

• Suspension of payments may be involuntary.

Who among the following are not the elected official of cooperatives?

• Board of Trustees

• Audit Committee

• Election Committee

• Board of Directors

For individual debtors, liquidation proceedings may be filed when liabilities exceed assets, and the total debts

• exceed P600,000

• exceed P500,000

• does not exceed P600,000

• does not exceed P500,000

_________________may file a verified petition for liquidation in the Regional Trial Court which has jurisdiction over its principal office as specified in its articles of incorporation or partnership

• Insolvent individual debtor

• Solvent individual debtor

• Insolvent juridical debtor

• a. Solvent juridical debtor