FRIA Flashcards
RA 10142 is known as:
a. Financial Recovery and Incapacity Act
b. Financial Rehabilitation and Incapacity Act
c. Financial Rehabilitation and Insolvency Act
d. Financial Recovery and Insolvency Act
c.
The nature of proceedings shall be:
a. Ex re
b. In rem
c. Quid pro quo
d. None of the choices
b.
Reasonable and necessary expenses incurred or arising from filing of petition under RA 10142.
Administrative expenses
Refers to a corporation that directly or indirectly, through one or more intermediaries, is controlled by, or is under the common control of another corporation.
Affiliate
Choose the CORRECT statement.
Statement I - Bank shall refer to any duly licensed bank or quasi-bank that is potentially or actually subject to conservatorship, receivership, or liquidation proceedings
Statement II - Insurance company shall refer to those companies that are potentially or actually subject to conservatorship, receivership, or liquidation proceedings.
Statement III - The term debtor extends to include banks, insurance companies, and pre-need companies
A. I
B. II
C. III
D. All Statements are Correct
A.
Within how many working days from the filing of petition shall the court issue a Commencement Order?
A. 7
B. 6
C. 14
D. 5
D.
The Stay or Suspension Order shall not apply to the following, except:
a. to cases already pending appeal in the Supreme Court as of commencement date Provided, That any final and executory judgment arising from such appeal shall be referred to the court for appropriate action;
b. subject to the discretion of the court, to cases pending or filed at a specialized court or quasi-judicial agency which, upon determination by the court is capable of resolving the claim more quickly, fairly and efficiently than the court: Provided, That any final and executory judgment of such court or agency shall be referred to the court and shall be treated as a non-disputed claim;
c. any criminal action against individual debtor or owner, partner, director or officer of a debtor shall be affected by any proceeding commend under this Act.
d. All of the choices are exceptions
c.
Upon issuance of the Commencement Order by the court, and until the approval of the Rehabilitation Plan or dismissal of the petition, whichever is earlier, the imposition of all taxes and fees including penalties, interests and charges thereof due to the national government or to LGUs shall be considered ____________, in furtherance of the objectives of rehabilitation.
Waived
At the initial hearing, the court shall (choose WRONG answer):
a. Determine the debtors who have made timely and proper filing of their notice of claims
b. hear and determine any objection to the qualifications of the appointment of the rehabilitation receiver and, if necessary appoint a new one in accordance with this Act
c. direct the creditors to comment on the petition and the Rehabilitation Plan, and to submit the same to the court and to the rehabilitation receiver within a period of not more than twenty (20) days
d. None of the above
a.
The rehabilitation receiver shall have the following minimum qualifications:
(a) A citizen of the Philippines or a resident of the Philippines in the six (6) months immediately preceding his nomination;
(b) Of good moral character and with acknowledged integrity, impartiality and independence;
(c) Has the requisite knowledge of insolvency and other relevant commercial laws, rules and procedures, as well as the relevant training and/or experience that may be necessary to enable him to properly discharge the duties and obligations of a rehabilitation receiver; and
(d) Has no conflict of interest: Provided, That such conflict of interest may be waived, expressly or impliedly, by a party who may be prejudiced thereby.
