What are the
requisites before a Management Committee can be created and a Receiver are
appointed by the Regional Trial Court?
ANSWER:
(a.)
He Must show that the corporate property is
in danger of being wasted and destroyed;
(b.)
That the business of the corporation is being
diverted from the purpose for which it has been organized;
(c.)
That there is a serious paralyzation of
operations all to his detriment.
In the
absence of a strong showing of an imminent danger of disposition, loss,
wastage, or destruction of assets or other properties of a corporation and
paralysis of its business operations, the mere apprehension of future
misconduct based upon prior mismanagement will not authorize the appointment of
a Management Committee/Receiver. (Sy Chim
vs. Siy Hi & Sons, Inc., 480 SCRA 465 [2006]).
What is the extent of the power and
function of a Rehabilitation Receiver?
ANSWER:
The rehabilitation receiver shall
not take over the management and control of the debtor but shall closely
oversee and monitor the operations of the debtor during the pendency of the
proceedings. x x x
He shall be considered as an officer
of the court. And shall be primarily
tasked to study the best way to rehabilitate the debtor and to ensure that the
value of the debtor’s property is reasonably maintained pending the
determination of whether or not the debtor should be rehabilitated, as well as
implement the rehabilitation plan after its approval. (Section 12, A.M. No. 00-8-10-SC, Rules of Procedure on Corporate
Rehabilitation)
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