FRIA Flashcards
What is the RA NO of FRIA?
RA 10142
Title of RA 10142
Financial Rehabilitation and Insolvency Act 2010
This refers to the reasonable and necessary expenses as provided in FRIA act
Administrative Expenses
Administrative Expenses
(1) incurred or arising from the filing of a petition under the provisions of this
Act;
(2) arising from, or in connection with, the conduct of the proceedings under
this Act, including those incurred for the rehabilitation or liquidation of the
debtor;
(3) incurred in the ordinary course of business of the debtor after the
commencement date;
(4) for the payment of new obligations obtained after the commencement date
to finance the rehabilitation of the debtor;
(5) incurred for the fees of the rehabilitation receiver or liquidator and of the
professionals engaged by them; and
(6) that are otherwise authorized or mandated under this Act or such other
expenses as may be allowed by the Supreme Court in its rules.
refer 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
shall refer to all claims or demands of whatever nature or character against
the debtor or its property, whether for money or otherwise, liquidated or unliquidated,
fixed or contingent, matured or unmatured, disputed or undisputed, including, but not
limited to; (1) all claims of the government, whether national or local, including taxes,
tariffs and customs duties; and (2) claims against directors and officers of the debtor
arising from acts done in the discharge of their functions falling within the scope of
their authority:
Claim
shall refer to the date on which the court issues the
Commencement Order, which shall be retroactive to the date of filing of the petition
for voluntary or involuntary proceedings.
Commencement Date
shall refer to the order issued by the court under Section 16
of this Act-FRIA ACT
Commencement Order
