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  • FRIA (Diagram)

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    Norhalisa Naga Salic
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    The document outlines the procedures for voluntary and involuntary liquidation of juridical and individual debtors. For voluntary liquidation of a juridical debtor, the process involves filing a petition, appointing a liquidator, liquidating assets, paying debts, and discharging the liquidator. For involuntary liquidation of a juridical debtor, creditors file a petition, there is a hearing, a liquidator is appointed, assets are liquidated and used to pay debts, and the liquidator is discharged. Similar processes are followed for voluntary and involuntary liquidation of individual debtors.

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    Commercial Law

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    The document outlines the procedures for voluntary and involuntary liquidation of juridical and individual debtors. For voluntary liquidation of a juridical debtor, the process involves filing a petition, appointing a liquidator, liquidating assets, paying debts, and discharging the liquidator. For involuntary liquidation of a juridical debtor, creditors file a petition, there is a hearing, a liquidator is appointed, assets are liquidated and used to pay debts, and the liquidator is discharged. Similar processes are followed for voluntary and involuntary liquidation of individual debtors.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    26 views4 pages

    FRIA (Diagram)

    Uploaded by

    Norhalisa Naga Salic
    The document outlines the procedures for voluntary and involuntary liquidation of juridical and individual debtors. For voluntary liquidation of a juridical debtor, the process involves filing a petition, appointing a liquidator, liquidating assets, paying debts, and discharging the liquidator. For involuntary liquidation of a juridical debtor, creditors file a petition, there is a hearing, a liquidator is appointed, assets are liquidated and used to pay debts, and the liquidator is discharged. Similar processes are followed for voluntary and involuntary liquidation of individual debtors.

    Copyright:

    Attribution Non-Commercial (BY-NC)
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    Download as docx, pdf, or txt
    of 4

    PROCEDURE Voluntary Liquidation of Juridical Debtor Filing of Petition

    Dismiss (petition insufficient) Issue Liquidation Order (Petition sufficient)sec90

    Publication of Petition/Motion sec104

    Hearing election & appointment of Liquidator sec112d

    Direct payments of any claims & conveyance of Any property due the debtor to the liquidator sec 112j

    Liquidation of debtors assets & payment of debts sec 119

    Discharge of Liquidator sec 122

    Appeal if proper

    INVOLUNTARY LIQUIDATION OF JURIDICAL DEBTOR Filing of Petition of 3 or more creditors sec91

    Issuance of Order (publication; debtor and other creditors to file comment)

    Filing of comments

    Consideration of comments

    Issuance of Liquidation Order

    Publication of petition or motion

    Hearing-election & appointment of liquidator sec 112j

    Direct payments of any claims and conveyance of property due the debtor to liquidator sec 112e

    Liquidation of debtors assets and payments of debts sec 119

    Discharge of Liquidator sec 122

    Appeal if proper

    VOLUNTARY LIQUIDATION OF INDIVIDUAL DEBTOR Filing of petition

    Petition insufficient- dismiss

    If sufficient- issue Liquidation Order

    Publish petition or motion

    Hearing-election & appointment of liquidator sec 112j

    Direct payments of claim and conveyance of any property due the debtor to liquidator sec 112

    Liquidation of debtors assets and payment of debts by the liquidator

    Discharge of Liquidator

    Appeal if proper

    INVOLUNTARY LIQUIDATION OF INDIVIDUAL DEBTOR

    Filing of petition sec 105

    Issuance of order to show cause sec 106 -ordering individual to state why he should not be declared insolvent

    Service of order to show cause

    Filing of answer or MD by debtor

    Hearing of case

    Issuance of Liquidation Order

    Publication of Petition/motion

    Hearing-election and appointment of liquidator

    Direct payments of claim and conveyance of any property due the debtor to liquidator sec 112

    Liquidation of debtors assets and payment of debts by the liquidator sec 119

    Discharge of Liquidator

    Appeal if proper

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