Fria

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Philippines MCQ RA No - Multiple choice questions FRIA
Accountancy (Far Eastern University)
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ANS # STATEMENTS AND CHOICES

C 1 It pertains to the title of Republic Act No.
10142.
A. CONSUMER ACT OF THE PHILIPPINES
B. ACCOUNTANCY ACT OF THE PHILIPPINES
C. FINANCIAL REHABILITATION AND INSOLVENCY ACT
OF 2010
D. INSURANCE LAW
A 2 A statement that does not relate to the
declaration of policy about Financial
Rehabilitation and Insolvency Act of 2010.
A. IT IS THE POLICY OF THE STATE TO MANDATE
DEBTORS, BOTH JURIDICAL AND NATURAL PERSONS,
AND THEIR CREDITORS TO COLLECTIVELY AND
REALISTICALLY RESOLVE AND ADJUST COMPETING
CLAIMS AND PROPERTY RIGHTS
B. THE STATE SHALL ENSURE A TIMELY, FAIR,
TRANSPARENT, EFFECTIVE AND EFFICIENT
REHABILITATION OR LIQUIDATION OF DEBTORS
C. THE REHABILITATION OR LIQUIDATION SHALL BE
MADE WITH A VIEW TO ENSURE OR MAINTAIN
CERTAINLY AND PREDICTABILITY IN COMMERCIAL
AFFAIRS, PRESERVE AND MAXIMIZE THE VALUE OF
THE ASSETS OF THESE DEBTORS
D. THE REHABILITATION OR LIQUIDATION SHALL BE
MADE WITH A VIEW TO RECOGNIZE CREDITOR RIGHTS
AND RESPECT PRIORITY OF CLAIMS, AND ENSURE
EQUITABLE TREATMENT OF CREDITORS WHO ARE
SIMILARLY SITUATED
D 3 It is when the jurisdiction over all persons
affected by the proceedings under Republic Act No.
10142 shall be considered as acquired.
A. UPON WRITING OF THE NOTICE OF THE
COMMENCEMENT OF THE PROCEEDINGS IN ANY
NEWSPAPER OF LOCAL CIRCULATION
B. UPON WRITING OF THE NOTICE OF THE
NEWSPAPER OF GENERAL CIRCULATION
C. UPON PUBLICATION OF THE NOTICE OF THE
NEWSPAPER OF LOCAL CIRCULATION
D. UPON PUBLICATION OF THE NOTICE OF THE
NEWSPAPER OF GENERAL CIRCULATION
A 4 It refers to the date on which the court issues

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the Commencement Order, which shall be retroactive

to the date of filing of the petition for
voluntary or involuntary proceedings.
A. COMMENCEMENT DATE
B. DATE OF LIQUIDATION
C. DAYS
D. ORDINARY COURSE OF BUSINESS
B 5 It refers to any duly licensed bank or quasi-bank
that is potentially or actually subject to
conservatorship, receivership or liquidation
proceedings under the New Central Bank Act or
successor legislation.
A. INSURANCE COMPANY
B. BANK
C. FINANCIAL COMPANY
D. PRE-NEED COMPANY
B 6 It designate the court or courts that will hear
and resolve cases brought under R.A. 10142 and
shall promulgate the rules of pleading, practice
and procedure to govern the proceedings brought
under this Act.
A. GOVERNMENT
B. SUPREME COURT
C. MANAGEMENT
D. LAWYER
A 7 It is an exception on the proceedings of the
assets and liabilities of a debtor that shall not
be commingled or aggregated with those of another.
A. THE LATTER IS A RELATED ENTERPRISE THAT IS
OWNED OR CONTROLLED DIRECTLY OR INDIRECTLY BY
THE SAME INTERESTS
B. THE LATTER IS AN UNRELATED ENTERPRISE THAT IS
OWNED OR CONTROLLED DIRECTLY OR INDIRECTLY BY
THE SAME INTERESTS
C. THE LATTER IS AN ENTERPRISE THAT IS ONLY
OWNED OR CONTROLLED DIRECTLY BY THE SAME
INTERESTS
D. THE LATTER IS AN ENTERPRISE THAT IS ONLY
OWNED OR CONTROLLED INDIRECTLY BY THE SAME
INTERESTS
A 8 Decisions of creditors shall be made according to
the relevant provisions of this code in the case
of stock or non-stock corporations or the Civil
Code in the case of partnerships that are not
inconsistent with this Act.
A. CORPORATION CODE
B. CIVIL CODE

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C. MOORE’S CODE
D. CRIMINAL CODE
B 9 This is where a notice or representation is to be
filed by the creditors if they choose to designate
representatives.
A. FILE TO THE BUREAU OF INTERNAL REVENUE
B. FILE TO THE COURT
C. FILE TO THE SECURITIES AND EXCHANGE
COMMISSION
D. FILE TO THE COMMISSION ON AUDIT
B 10 The value of the liability of an owner, partner,
director or officer to a debtor who willfully
conceal or authorize or approve the concealment,
from the creditors, or embezzles or
misappropriates, any property of the debtor.
A. THE EQUIVALENT VALUE OF THE PROPERTY SOLD,
EMBEZZLED OR DISPOSED OF OR THE EQUIVALENT
AMOUNT OF THE TRANSACTION INVOLVED
B. DOUBLE THE VALUE OF THE PROPERTY SOLD,
EMBEZZLED OR DISPOSED OF OR DOUBLE THE AMOUNT
OF THE TRANSACTION INVOLVED
C. TRIPLE THE VALUE OF THE PROPERTY SOLD,
EMBEZZLED OR DISPOSED OF OR TRIPLE THE AMOUNT
OF THE TRANSACTION INVOLVED
D. EXEMPTED
D 11 The kind of bank that may acquire and hold an
equity interest or investment in a debtor or its
subsidiaries when conveyed to such bank in
satisfaction of debts pursuant to a Rehabilitation
or Liquidation Plan approved by the court.
A. UNIVERSAL
B. INTERNATIONAL
C. NATIONAL
D. ANY
D 12 The petition to initiate voluntary proceedings by
debtor consists of the following, except for:
A. IDENTIFICATION OF THE DEBTOR, ITS PRINCIPAL
ACTIVITIES AND ITS ADDRESSES
B. THE SPECIFIC RELIEF SOUGHT PURSUANT TO THIS
ACT
C. THE GROUNDS UPON WHICH THE PETITION IS BASED
D. AN INVENTORY OF ONLY THE CURRENT ASSETS
INCLUDING RECEIVABLES AND CLAIMS AGAINST
THIRD PARTIES
D 13 It can be initiated by a creditor or group of
creditors with a claim of, or the aggregate of
whose claims is, at least One Million Pesos or at

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least twenty-five percent of the subscribed

capital stock or partners' contributions,
whichever is higher.
A. VOLUNTARY PROCEEDINGS IN SUPPORT OF THE
DEBTOR BY FILING A PETITION FOR
REHABILITATION WITH THE COURT
B. VOLUNTARY PROCEEDINGS AGAINST THE DEBTOR BY
FILING A PETITION FOR REHABILITATION WITH THE
COURT
C. INVOLUNTARY PROCEEDINGS IN SUPPORT OF THE
DEBTOR BY FILING A PETITION FOR
REHABILITATION WITH THE COURT
D. INVOLUNTARY PROCEEDINGS AGAINST THE DEBTOR BY
FILING A PETITION FOR REHABILITATION WITH THE
COURT
D 14 It is not included in the creditor/s' petition for
rehabilitation which shall be verified to
establish the substantial likelihood that the
debtor may be rehabilitated.
A. IDENTIFICATION OF THE DEBTOR ITS PRINCIPAL
ACTIVITIES AND ITS ADDRESS
B. THE SPECIFIC RELIEF SOUGHT UNDER THIS ACT
C. A REHABILITATION PLAN;
D. THE NAMES OF AT LEAST TWO NOMINEES TO THE
POSITION OF REHABILITATION RECEIVER
A 15 Lapse of time the court shall issue a commencement
order if it finds the petition for rehabilitation
to be sufficient in form and substance.
A. 5 WORKING DAYS FROM THE FILING OF THE
PETITION
B. 10 WORKING DAYS FROM THE FILING OF THE
PETITION
C. 15 WORKING DAYS FROM THE FILING OF THE
PETITION
D. 30 WORKING DAYS FROM THE FILING OF THE
PETITION
C 16 It does not relate to the commencement of
proceedings and issuance of a commencement order.
A. IDENTIFY THE DEBTOR, ITS PRINCIPAL BUSINESS
OR ACTIVITY/IES AND ITS PRINCIPAL PLACE OF
BUSINESS
B. SUMMARIZE THE GROUND/S FOR INITIATING THE
PROCEEDINGS
C. DECLARE THAT THE DEBTOR IS FREE FROM
REHABILITATION
D. AUTHORIZE THE PAYMENT OF ADMINISTRATIVE
EXPENSES AS THEY BECOME DUE

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C 17 It is not included under the effects of the

commencement order.
A. SERVE AS THE LEGAL BASIS FOR RENDERING NULL
AND VOID ANY SETOFF AFTER THE COMMENCEMENT
DATE OF ANY DEBT OWED TO THE DEBTOR BY ANY OF
THE DEBTOR'S CREDITORS
B. VEST THE REHABILITATION WITH ALL THE POWERS
AND FUNCTIONS PROVIDED FOR THIS ACT
C. PROHIBIT OR OTHERWISE SERVE AS THE LEGAL
BASIS RENDERING NULL AND VOID THE CRITERIA OF
ANY EXTRAJUDICIAL ACTIVITY OR PROCESS TO
SEIZE PROPERTY, SELL ENCUMBERED PROPERTY, OR
OTHERWISE ATTEMPT TO COLLECTION OR ENFORCE A
CLAIM AGAINST THE DEBTOR
D. SERVE AS THE LEGAL BASIS FOR RENDERING NULL
AND VOID THE PERFECTION OF ANY LIEN AGAINST
THE DEBTOR'S PROPERTY AFTER THE COMMENCEMENT
DATE
D 18 The Stay or Suspension Order does not apply to the
following, except for:
A. TO CASES ALREADY PENDING APPEAL IN THE
SUPREME COURT AS OF COMMENCEMENT DATE
B. SUBJECT TO THE DISCRETION OF THE COURT, TO
CASES PENDING OR FILED AT A SPECIALIZED COURT
OR QUASI-JUDICIAL AGENCY
C. TO THE ENFORCEMENT OF CLAIMS AGAINST SURETIES
AND OTHER PERSONS SOLIDARILY LIABLE WITH THE
DEBTOR, AND THIRD PARTY OR ACCOMMODATION
MORTGAGORS AS WELL AS ISSUERS OF LETTERS OF
CREDIT
D. ANY CRIMINAL ACTION AGAINST INDIVIDUAL DEBTOR
OR OWNER, PARTNER, DIRECTOR OR OFFICER OF A
DEBTOR SHALL NOT BE AFFECTED BY ANY
PROCEEDING COMMEND NOT UNDER THIS ACT
C 19 It is when the imposition of all taxes and fees
including penalties, interests and charges thereof
due to the national government or to LGUs shall be
considered waived, in furtherance of the
objectives of rehabilitation.
A. UPON MAKING OF THE COMMENCEMENT ORDER BY THE
COURT, AND UNTIL THE APPROVAL OF THE
REHABILITATION PLAN OR DISMISSAL OF THE
PETITION, WHICHEVER IS EARLIER
B. UPON MAKING OF THE COMMENCEMENT ORDER BY THE
COURT, AND UNTIL THE APPROVAL OF THE
PETITION, WHICHEVER IS LATER

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C. UPON ISSUANCE OF THE COMMENCEMENT ORDER BY

THE COURT, AND UNTIL THE APPROVAL OF THE
PETITION, WHICHEVER IS EARLIER
D. UPON ISSUANCE OF THE COMMENCEMENT ORDER BY
THE COURT, AND UNTIL THE APPROVAL OF THE
PETITION, WHICHEVER IS LATER
D 20 It is where the provisions of R.A. 10142
concerning the effects of the Commencement Order
and the Stay or Suspension Order on the suspension
of rights to foreclose or otherwise pursue legal
remedies shall be applied.
A. international financial institutions
B. national financial institutions
C. private financial institutions
D. government financial institutions
A 21 An exception on the rule that the Commencement
Order shall be for the effective for the duration
of the rehabilitation proceedings for as long as
there is a substantial likelihood that the debtor
will be successfully rehabilitated.
A. Unless lifted by the court
B. Unless argued by the creditor
C. Unless argued by the debtor
D. Unless argued by the financial entity
D 22 It is not included under the action at the initial
hearing under R.A. 10142.
A. determine the creditors who have made timely
and proper filing of their notice of claims
B. direct the rehabilitation receiver to
evaluate the financial condition of the
debtor and to prepare and submit to the court
within forty (40) days from initial hearing
the report
C. 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
D. direct the creditors to revise 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 days
23 It refers to the effect if a creditor whose claim
is not listed in the schedule of debts and
liabilities and who fails to file a notice of

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claim in accordance with the Commencement Order

but subsequently files a belated claim.
A. HE SHALL BE ENTITLED TO PARTICIPATE IN THE
REHABILITATION PROCEEDINGS AND SHALL BE
ENTITLED TO RECEIVE DISTRIBUTIONS ARISING
THEREFROM
B. HE SHALL BE ENTITLED TO PARTICIPATE IN THE
REHABILITATION PROCEEDINGS BUT SHALL NOT BE
THEREFROM
C. HE SHALL NOT BE ENTITLED TO PARTICIPATE IN
THE REHABILITATION PROCEEDINGS BUT SHALL BE
THEREFROM
D. HE SHALL NOT BE ENTITLED TO PARTICIPATE IN
THE REHABILITATION PROCEEDINGS BUT SHALL NOT
BE ENTITLED TO RECEIVE DISTRIBUTIONS ARISING
THEREFROM
D 24 It is not included in the report of the
rehabilitation receiver.
A. THE UNDERLYING ASSUMPTIONS, THE FINANCIAL
GOALS AND THE PROCEDURES TO ACCOMPLISH SUCH
GOALS AS STATED IN THE PETITIONER'S
REHABILITATION PLAN ARE REALISTIC, FEASIBLE
AND REASONABLE
B. THERE IS A SUBSTANTIAL LIKELIHOOD FOR THE
DEBTOR TO BE SUCCESSFULLY REHABILITATED
C. THE PETITION SHOULD BE DISMISSED
D. THE DEBTOR SHOULD NOT BE DISSOLVED AND/OR
LIQUIDATED
A 25 Within ten (10) days from receipt of the report of
the rehabilitation receiver mentioned in Section
24 hereof the court may dismiss the petition upon
a finding the following, except for this.
A. DEBTOR IS INSOLVENT
B. THE PETITION IS A SHAM FILING INTENDED ONLY
TO DELAY THE ENFORCEMENT OF THE RIGHTS OF THE
CREDITOR/S OR OF ANY GROUP OF CREDITORS
C. THE PETITION, THE REHABILITATION PLAN AND THE
ATTACHMENTS THERETO CONTAIN ANY MATERIALLY
FALSE OR MISLEADING STATEMENTS
D. THE DEBTOR HAS COMMITTED ACTS OF
MISREPRESENTATION OR IN FRAUD OF ITS
CREDITOR/S OR A GROUP OF CREDITORS
C 26 Period in which the court shall direct the
rehabilitation receiver to review, revise and/or
recommend action on the Rehabilitation Plan and

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submit the same or a new one if the petition is

given due course.
A. NOT MORE THAN 30 DAYS
B. NOT MORE THAN 60 DAYS
C. NOT MORE THAN 90 DAYS
D. NOT MORE THAN 180 DAYS
C 27 The party that may order the petitioner to pay
damages to any creditor or to the debtor, as the
case may be, who may have been injured by the
filing of the petition, to the extent of any such
injury.
A. DEFENDANT
B. PETITIONER
C. COURT
D. ANY QUALIFIED NATURAL OR JURIDICAL PERSON
D 28 A party that may serve as a rehabilitation
receiver.
A. COURT
B. DEFENDANT
C. PETITIONER
D. ANY QUALIFIED NATURAL OR JURIDICAL PERSON
29 It is not included on the minimum qualifications
of a rehabilitation receiver.
A. A CITIZEN OF THE PHILIPPINES OR A RESIDENT OF
THE PHILIPPINES IN THE 12 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
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
A 30 Under the appointment of the rehabilitation
receiver, the court shall prioritized the nominee
of this appropriate party in case the debtor is a
securities market participant.
A. SECURITIES OR INVESTOR PROTECTION FUND
B. MAYOR
C. CREDITOR
D. DEBTOR
C 31 It is not included under the powers, duties and

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responsibilities of the rehabilitation receiver.

A. TO VERIFY THE ACCURACY OF THE FACTUAL
ALLEGATIONS IN THE PETITION AND ITS ANNEXES
B. TO VERIFY AND CORRECT, IF NECESSARY, THE
INVENTORY OF ALL OF THE ASSETS OF THE DEBTOR,
AND THEIR VALUATION
C. TO DICTATE THE VALIDITY, GENUINENESS AND TRUE
AMOUNT OF ALL THE CLAIMS AGAINST THE DEBTOR
D. TO SUE AND RECOVER, WITH THE APPROVAL OF THE
COURT, ALL AMOUNTS OWED TO, AND ALL
PROPERTIES PERTAINING TO THE DEBTOR
A 32 It is not included under the grounds for removal
of the rehabilitation receiver.
A. CONFLICT OF INTEREST THAT ARISES BEFORE HIS
APPOINTMENT
B. LACK OF A PARTICULAR OR SPECIALIZED
COMPETENCY REQUIRED BY THE SPECIFIC CASE
C. ILLEGAL ACTS OR CONDUCT IN THE PERFORMANCE OF
HIS DUTIES AND POWERS
D. LACK OF QUALIFICATION OR PRESENCE OF ANY
DISQUALIFICATION
B 33 This is from whom The rehabilitation receiver and
his direct employees or independent contractors
shall be entitled to compensation for reasonable
fees and expenses.
A. CREDITORS
B. DEBTORS
C. COURT
D. FINANCIAL INSTITUTION
A 34 This party shall take an oath and file a bond, in
such amount to be fixed by the court prior to
entering upon his powers, duties and
responsibilities.
A. REHABILITATION RECEIVER
B. CREDITORS
C. DEBTORS
D. MANAGEMENT COMMITTEE
A 35 This party shall be directed by the court to
submit the name/s of their nominee/s to the
position in case the position of rehabilitation
receiver is vacated for any reason whatsoever.
A. DEBTOR AND CREDITORS
B. REHABILITATION RECEIVER
C. MANAGEMENT COMMITTEE
D. CITIZENS
A 36 It is not included under the acts the court may
perform in case it appoints the rehabilitation

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receiver to assume the powers of management of the

debtor.
A. SUGGEST THAT THE REHABILITATION RECEIVER TO
POST AN ADDITIONAL BOND
B. REQUIRE THE REHABILITATION RECEIVER TO POST
AN ADDITIONAL BOND
C. AUTHORIZE HIM TO ENGAGE THE SERVICES OR TO
EMPLOY PERSONA OR ENTITIES TO ASSIST HIM IN
THE DISCHARGE OF HIS MANAGERIAL FUNCTIONS
D. AUTHORIZE A COMMENSURATE INCREASE IN HIS
COMPENSATION
C 37 This party shall take the place of the management
and the governing body of the debtor and assume
their rights and responsibilities when appointed
pursuant to the foregoing section.
A. DEBTORS
B. CREDITORS
C. MANAGEMENT COMMITTEE
D. FINANCIAL INSTITUTIONS
A 38 It shall be considered when the qualifications and
disqualifications of the members of the management
committee shall be set forth in the procedural
rules.
A. NATURE OF THE BUSINESS OF THE DEBTOR
B. NATURE OF THE BUSINESS OF THE CREDITOR
C. THE NEED TO PROTECT THE INTEREST OF ONLY THE
PRIMARY INVESTORS
D. THE NEED TO PROTECT THE INTEREST OF ONLY THE
PRIMARY STAKEHOLDERS
C 39 It is when the rehabilitation receiver or the
management committee may employ specialized
professionals and other experts to assist each in
the performance of their duties.
A. UPON APPROVAL OF THE COURT, AND BEFORE NOTICE
AND HEARING
B. 30 DAYS UPON APPROVAL OF THE COURT, AND
BEFORE NOTICE AND HEARING
C. UPON APPROVAL OF THE COURT, AND AFTER NOTICE
AND HEARING
D. 30 DAYS UPON APPROVAL of the court, and after
notice and hearing
C 40 A ground wherein a person may not be appointed as
a rehabilitation receiver, member of a_ management
committee, or be employed by the rehabilitation
receiver or the management committee.
A. IF HE IS SOLVENT
B. IF HE IS WORKING AS A PROFESSIONAL

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C. IF HE HAS A CONFLICT OF INTEREST

D. IF HE AGREES WITH THE CIVIL CODE
41 The following parties shall not be subject to any
action, claim or demand in connection with any act
done or omitted to be done by them in good faith
in connection with the exercise of their powers
and functions under this Act or other actions duly
approved by the court, except for this.
B. PERSONS EMPLOYED BY THE REHABILITATION
RECEIVER
C. CREDITORS OF THE MANAGEMENT COMMITTEE
D. PERSONS EMPLOYED BY THE MANAGEMENT COMMITTEE
C 42 The creditors may, as a body, agree to form a
creditors' committee composed of a representative
from each class of creditors, such as the
following, except for this.
A. SECURED CREDITORS
B. UNSECURED CREDITORS
C. TRADE DEBTORS AND SUPPLIERS
D. EMPLOYEES OF THE DEBTOR
B 43 This shall assist the rehabilitation receiver in
communicating with the creditors and shall be the
primary liaison between the rehabilitation
receiver and the creditors.
A. TRADE COMMITTEE
B. CREDITOR’S COMMITTEE
C. DEBTOR’S COMMITTEE
D. REHABILITATION COMMITTEE
C 44 Time frame wherein the rehabilitation receiver
shall establish a preliminary registry of claims.
A. WITHIN TEN DAYS FROM HIS ASSUMPTION INTO
OFFICE
B. WITHIN FIFTEEN DAYS FROM HIS ASSUMPTION INTO
OFFICE
C. WITHIN TWENTY DAYS FROM HIS ASSUMPTION INTO
OFFICE
D. WITHIN THIRTY DAYS FROM HIS ASSUMPTION INTO
OFFICE
B 45 Time frame wherein the debtor, creditors,
stakeholders and other interested parties may
submit a challenge to claim/s to the court,
serving a certified copy on the rehabilitation
receiver and the creditor holding the challenged
claim/so.
A. Within fifteen days from the expiration of
the period

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B. Within thirty days from the expiration of the

period
C. Within sixty days from the expiration of the
period
D. Within one hundred days from the expiration
of the period
A 46 Any decision of the rehabilitation receiver
regarding a claim.
A. May be appealed to the court
B. Cannot be appealed to the court
C. Cannot be forwarded to the court
D. Cannot be raised to the court
A 47 Exception on the rule that the management of the
juridical debtor shall remain with the existing
management subject to the applicable law/s and
agreement/s.
A. Unless provided
B. Unless requested
C. Unless the creditor argued
D. Unless the debtor argued
B 48 Exception on the rule that no funds or property of
the debtor shall he used or disposed of except in
the ordinary course of business of the debtor.
A. unless necessary to finance the advertising
expenses of the rehabilitation proceedings
B. unless necessary to finance the
administrative expenses of the rehabilitation
proceedings
C. unless necessary to finance the operation
expenses of the rehabilitation proceedings
D. unless necessary to finance the
transportation expenses of the rehabilitation
proceedings
A 49 An act the rehabilitation receiver must perform
for the court to authorize the sale of
unencumbered property of the debtor outside the
ordinary course of business.
A. APPLY
B. MANDATE
C. ARGUE
D. RESIGN
D 50 Under the sale or disposal of encumbered property
of the debtor and assets of third parties held by
debtor, the court shall determine the following,
except for this.
A. SUCH SALE OR TRANSFER IS NECESSARY FOR THE
CONTINUED OPERATION OF THE DEBTOR'S BUSINESS

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B. SUCH CONVEYANCE OR DISPOSAL IS NECESSARY FOR

THE CONTINUED OPERATION OF THE DEBTOR'S
BUSINESS
C. THE DEBTOR HAS MADE ARRANGEMENTS TO PROVIDE A
SUBSTITUTE LIEN OR OWNERSHIP RIGHT THAT
PROVIDES AN EQUAL LEVEL OF SECURITY FOR THE
COUNTERPARTY'S CLAIM OR RIGHT
D. THE CREDITOR HAS MADE ARRANGEMENTS TO PROVIDE
A SUBSTITUTE LIEN OR OWNERSHIP RIGHT THAT
PROVIDES AN EQUAL LEVEL OF SECURITY FOR THE
COUNTERPARTY'S CLAIM OR RIGHT
D 51 The rehabilitation receiver may perform the
following acts with regards to assets of debtor
held by third parties, except for this.
A. DEMAND THE SURRENDER OR THE TRANSFER OF THE
POSSESSION OR CONTROL OF SUCH PROPERTY TO THE
REHABILITATION RECEIVER
B. ALLOW SAID THIRD PARTIES TO RETAIN POSSESSION
OR CONTROL, IF SUCH AN ARRANGEMENT WOULD MORE
LIKELY PRESERVE OR INCREASE THE VALUE OF THE
PROPERTY IN QUESTION OR THE TOTAL VALUE OF
THE ASSETS OF THE DEBTOR
C. UNDERTAKE ANY OTI1ER DISPOSITION OF THE SAID
PROPERTY AS MAY BE BENEFICIAL FOR THE
REHABILITATION OF THE DEBTOR, AFTER NOTICE
AND HEARING, AND APPROVAL OF THE COURT
D. UNDERTAKE ANY OTI1ER DISPOSITION OF THE SAID
PROPERTY AS MAY BE SACRIFICIAL FOR THE
REHABILITATION OF THE DEBTOR, AFTER NOTICE
AND HEARING, AND APPROVAL OF THE COURT
A 52 The court may rescind or declare as null and void
the following after the commencement date which
are not in the ordinary course of the business of
the debtor, except for this.
A. DONATION OF THE DEBTOR'S UNENCUMBERED
PROPERTY
B. PAYMENT OF THE DEBTOR'S UNENCUMBERED PROPERTY
C. TRANSFER OF THE DEBTOR'S UNENCUMBERED
PROPERTY
D. CONVEYANCE DEBTOR'S UNENCUMBERED PROPERTY
D 53 If depreciation cannot be avoided and such
depreciation is jeopardizing the security or
property interest of the secured creditor or
owner, the court shall perform the following,
except for this.
A. ALLOW THE ENCUMBERED PROPERTY TO BE
FORECLOSED UPON BY THE SECURED CREDITOR

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B. UPON MOTION OF, OR WITH THE CONSENT OF THE

AFFECTED SECURED CREDITOR OR INTEREST OWNER.
ORDER THE CONVEYANCE OF A LIEN AGAINST OR
OWNERSHIP INTEREST IN SUBSTITUTE PROPERTY OF
THE DEBTOR TO THE SECURED CREDITOR
C. ORDER THE CONVEYANCE TO THE SECURED CREDITOR
OR HOLDER OF AN OWNERSHIP INTEREST OF A LIEN
ON THE RESIDUAL FUNDS FROM THE SALE OF
ENCUMBERED PROPERTY DURING THE PROCEEDINGS
D. NEGLECT THE SALE OR DISPOSITION OF THE
PROPERTY
A 54 This is where the rate and term of interest, if
any, on secured and unsecured claims shall be
determined and provided.
A. REHABILITATION PLAN
B. DEBTOR’S NOTES
C. CREDITOR’S APPLICATION
D. COURT HEARINGS
D 55 In order to enhance its rehabilitation, the court
may perform the following, except for this.
A. ENTER INTO CREDIT ARRANGEMENTS
B. ENTER INTO CREDIT ARRANGEMENTS, SECURED BY
MORTGAGES OF ITS UNENCUMBERED PROPERTY OR
SECONDARY MORTGAGES OF ENCUMBERED PROPERTY
C. INCUR OTHER OBLIGATIONS AS MAY BE ESSENTIAL
FOR ITS REHABILITATION
D. ASSIGN NEW AGENT FOR THE DEBTOR
56 Compensation of employees required to carry on the
business.
A. ADVERTISING EXPENSE
B. ADMINISTRATIVE EXPENSE
C. OPERATING EXPENSE
D. FINANCIAL EXPENSE
B 57 Exception on the rule that all valid and
subsisting contracts of the debtor with creditors
and other third parties as at the commencement
date shall continue in force.
A. CANCELLED BY VIRTUE OF A PRELIMINARY JUDGMENT
OF A COURT OF COMPETENT JURISDICTION ISSUED
PRIOR TO THE ISSUANCE OF THE COMMENCEMENT
ORDER
B. CANCELLED BY VIRTUE OF A FINAL JUDGMENT OF A
COURT OF COMPETENT JURISDICTION ISSUED PRIOR
TO THE ISSUANCE OF THE COMMENCEMENT ORDER
C. CANCELLED BY VIRTUE OF A PRELIMINARY JUDGMENT
OF A COURT OF COMPETENT JURISDICTION ANYTIME
THEREAFTER BY THE COURT AFTER WHICH THE

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REHABILITATION PROCEEDINGS ARE PENDING

D. CANCELLED BY VIRTUE OF A FINAL JUDGMENT OF A
COURT OF COMPETENT JURISDICTION ANYTIME
THEREAFTER BY THE COURT AFTER WHICH THE
REHABILITATION PROCEEDINGS ARE PENDING
D 58 Without limiting the generality of the foregoing,
a disputable presumption of such design shall
arise if the transaction relates to the following,
except for this.
A. PROVIDES UNREASONABLY INADEQUATE
CONSIDERATION TO THE DEBTOR AND IS EXECUTED
WITHIN NINETY DAYS PRIOR TO THE COMMENCEMENT
DATE
B. INVOLVES AN ACCELERATED PAYMENT OF A CLAIM TO
A CREDITOR WITHIN NINETY DAYS PRIOR TO THE
COMMENCEMENT DATE
C. PROVIDES SECURITY OR ADDITIONAL SECURITY
EXECUTED WITHIN NINETY DAYS PRIOR TO THE
COMMENCEMENT DATE
D. INVOLVES CREDITORS, WHERE A CREDITOR
OBTAINED, OR RECEIVED THE BENEFIT OF, MORE
THAN ITS PRO RATA OBLIGATION IN THE
LIABILITIES OF THE DEBTOR, EXECUTED AT A TIME
WHEN THE DEBTOR WAS INSOLVENT
A 59 It is not included under the Actions for
Rescission or Nullity.
A. THE REHABILITATION RECEIVER OR, WITH HIS
ARGUMENT, ANY CREDITOR MAY INITIATE AND
PROSECUTE ANY ACTION TO RESCIND, OR DECLARE
NULL AND VOID ANY TRANSACTION DESCRIBED IN
SECTION 58 HEREOF
B. IF LEAVE OF COURT IS GRANTED UNDER SUBSECTION
(A), THE REHABILITATION RECEIVER SHALL ASSIGN
AND TRANSFER TO THE CREDITOR ALL RIGHTS,
TITLE AND INTEREST IN THE CHOSE IN ACTION OR
SUBJECT MATTER OF THE PROCEEDING, INCLUDING
ANY DOCUMENT IN SUPPORT THEREOF
C. TO THE EXTENT OF HIS CLAIM AND THE COSTS,
BELONGS EXCLUSIVELY TO THE CREDITOR
INSTITUTING THE PROCEEDING, AND THE SURPLUS,
IF ANY, BELONGS TO THE ESTATE
D. WHERE, BEFORE AN ORDER IS MADE UNDER
SUBSECTION (A), THE REHABILITATION RECEIVER
(OR LIQUIDATOR) SIGNIFIES TO THE COURT HIS
READINESS TO INSTITUTE THE FOR THE BENEFIT OF
THE CREDITORS, THE ORDER SHALL FIX THE TIME
WITHIN WHICH HE SHALL DO SO AND, M THAT CASE,

lOMoARcPSD|20737231
THE BENEFIT DERIVED FROM THE PROCEEDING, IF

INSTITUTED WITHIN THE TIME LIMITS SO FIXED,
BELONGS TO THE ESTATE.
C 60 The issuance of the Commencement Order and the
Suspension or Stay Order, and any other provision
of this Act.
A. SHALL BE DEEMED IN ANY WAY TO DIMINISH OR
IMPAIR THE SECURITY OR LIEN OF A SECURED
CREDITOR
B. SHALL BE DEEMED IN ANY WAY TO ENHANCE THE
SECURITY OR LIEN OF A SECURED CREDITOR
C. SHALL NOT BE DEEMED IN ANY WAY TO DIMINISH OR
IMPAIR THE VALUE OF HIS LIEN OR SECURITY
D. SHALL NOT BE DEEMED IN ANY WAY TO ENHANCE THE
VALUE OF HIS LIEN OR SECURITY
C 61 It is not included on the grounds wherein a
creditor shall be deemed to lack adequate
protection.
A. THE DEBTOR FAILS OR REFUSES TO HONOR A PRE-
EXISTING AGREEMENT WITH THE CREDITOR TO KEEP
THE PROPERTY INSURED
B. THE DEBTOR FAILS OR REFUSES TO TAKE
COMMERCIALLY REASONABLE STEPS TO MAINTAIN THE
PROPERTY
C. THE PROPERTY HAS ENHANCED TO AN EXTENT THAT
THE CREDITOR IS UNDER SECURED
D. THE PROPERTY HAS DEPRECIATED TO AN EXTENT
THAT THE CREDITOR IS UNDER SECURED
B 62 It is not included under the minimum requirements
for the Rehabilitation Plan.
A. SPECIFY THE UNDERLYING ASSUMPTIONS, THE
FINANCIAL GOALS AND THE PROCEDURES PROPOSED
TO ACCOMPLISH SUCH GOAL
B. ESTABLISH CLASSES OF VOTING DEBTORS
C. ESTABLISH SUBCLASSES OF VOTING CREDITORS IF
PRIOR APPROVAL HAS BEEN GRANTED BY THE COURT
D. IDENTIFY THE DEBTOR'S ROLE IN THE
IMPLEMENTATION OF THE PLAN
C 63 If the court gives due course to the petition, the
rehabilitation receiver shall confer with the
debtor and all the classes of creditors, and may
consider their views and proposals ill the review,
revision or preparation of a new Rehabilitation
Plan.
A. CONSOLATION WITH THE COURT
B. CONSULTATION WITH THE AGENT
C. CONSULTATION WITH DEBTOR AND CREDITORS

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D. CONSULTATION WITH CITIZENS

A 64 Notwithstanding the rejection of the
Rehabilitation Plan, the court may confirm the
Rehabilitation Plan if all of the following
circumstances are present, except for this.
A. THE REHABILITATION PLAN DOES NOT COMPLY WITH
THE REQUIREMENTS SPECIFIED IN THIS ACT
B. THE REHABILITATION RECEIVER RECOMMENDS THE
CONFIRMATION OF THE REHABILITATION PLAN
C. THE SHAREHOLDERS, OWNERS OR PARTNERS OF THE
JURIDICAL DEBTOR LOSE AT LEAST THEIR
CONTROLLING INTEREST AS A RESULT OF THE
REHABILITATION PLAN
D. THE REHABILITATION PLAN WOULD LIKELY PROVIDE
THE OBJECTING CLASS OF CREDITORS WITH
COMPENSATION WHICH HAS A NET PRESENT VALUE
GREATER THAN THAT WHICH THEY WOULD HAVE
RECEIVED IF THE DEBTOR WERE UNDER LIQUIDATION
A 65 This is when the rehabilitation receiver shall
submit the same to the court for confirmation.
A. 1F THE REHABILITATION PLAN IS APPROVED
B. IF THE CREDITOR DEEMED TO DO SO
C. IF AN AGENT MANDATES THE ACTION
D. IF PARTIES DO NOT HAVE ANY CHOICE
B 66 Period of time wherein a creditor may file an
objection to the Rehabilitation Plan.
A. 15 DAYS FROM RECEIPT OF NOTICE FROM THE COURT
B. 20 DAYS FROM RECEIPT OF NOTICE FROM THE COURT
C. 30 DAYS FROM RECEIPT OF NOTICE FROM THE COURT
D. 45 DAYS FROM RECEIPT OF NOTICE FROM THE COURT
A 67 This party shall issue an order setting the time
and date for the hearing or hearings on the
objections if objections have been submitted
during the relevant period.
A. COURT
B. CREDITOR
C. DEBTOR
D. AGENT
A 68 An act the court shall perform in case of having
no objections are filed within the relevant
period.
A. THE COURT SHALL ISSUE AN ORDER CONFIRMING THE
REHABILITATION PLAN
B. THE COURT SHALL REQUEST AN ORDER CONFIRMING
THE REHABILITATION PLAN
C. THE COURT SHALL ISSUE AN ORDER DENYING THE
REHABILITATION PLAN

lOMoARcPSD|20737231
D. THE COURT SHALL REQUEST AN ORDER DENYING THE

REHABILITATION PLAN
D 69 The confirmation of the rehabilitation plan shall
result to the following, except for this.
A. THE REHABILITATION PLAN AND ITS PROVISIONS
SHALL BE BINDING UPON THE DEBTOR AND ALL
PERSONS WHO MAY BE AFFECTED BY IT
B. THE DEBTOR SHALL COMPLY WITH THE PROVISIONS
OF THE REHABILITATION PLAN AND SHALL TAKE ALL
ACTIONS NECESSARY TO CARRY OUT THE PLAN
C. PAYMENTS SHALL BE MADE TO THE CREDITORS IN
ACCORDANCE WITH THE PROVISIONS OF THE
REHABILITATION PLAN
D. CLAIMS ARISING BEFORE APPROVAL OF THE PLAN
THAT ARE OTHERWISE NOT TREATED BY THE PLAN
ARE NOT SUBJECT TO ANY SUSPENSION ORDER
D 70 It pertains to the effect of the approval of the
Plan on the rights of creditors to pursue the
actions against the general partners of a
partnership to the extent they are liable under
relevant legislation for the debts thereof.
A. REJECT
B. ENHANCE
C. VOID
D. NO EFFECT
D 71 Amounts of any indebtedness or obligations reduced
or forgiven in connection with a Plan's approval.
A. SUBJECT TO TAX
B. HAS A DISCOUNTED TAX RATE
C. PAY MINIMUM TAX RATE
D. NOT SUBJECT TO TAX
C 72 Maximum period for the court to confirm a
Rehabilitation Plan from the date of the filing of
the petition.
A. 30 DAYS
B. 60 DAYS
C. ONE YEAR
D. TWO YEARS
A 73 This party shall provide a final report and
accounting to the court upon the confirmation of
the Rehabilitation Plan.
B. MANAGEMENT COMMITTEE
C. AGENT
D. CREDITORS
A 74 The following cases shows a failure of
rehabilitation, except for this.

lOMoARcPSD|20737231
A. APPROVAL OF THE PETITION BY THE COURT

B. THE DEBTOR FAILS TO SUBMIT A REHABILITATION
PLAN
C. UNDER THE REHABILITATION PLAN SUBMITTED BY
THE DEBTOR, THERE IS NO SUBSTANTIAL
LIKELIHOOD THAT THE DEBTOR CAN BE
REHABILITATED WITHIN A REASONABLE PERIOD
D. THE COMMISSION OF FRAUD IN SECURING THE
APPROVAL OF THE REHABILITATION PLAN OR ITS
AMENDMENT
A 75 It pertains to the result of termination of the
proceedings.
A. THE DISCHARGE OF THE REHABILITATION RECEIVER
SUBJECT TO HIS SUBMISSION OF A FINAL
ACCOUNTING
B. THE DISCHARGE OF THE REHABILITATION RECEIVER
SUBJECT TO HIS SUBMISSION OF A PRELIMINARY
ACCOUNTING
C. THE LIFTING OF THE STAY ORDER AND ANY OTHER
COURT ORDER HOLDING IN ABEYANCE SOME ACTION
FOR THE ENFORCEMENT OF A CLAIM AGAINST THE
DEBTOR
D. THE LIFTING OF THE STAY ORDER AND ANY OTHER
COURT ORDER HOLDING IN ABEYANCE ANY ACTION
FOR THE ENFORCEMENT OF A CLAIM IN SUPPORT THE
DEBTOR
D 76 It is not included on the minimum requirements for
the petition by the debtor.
A. A SCHEDULE OF THE DEBTOR'S DEBTS AND
LIABILITIES
B. AN INVENTORY OF THE DEBTOR'S ASSETS
C. THE PRE-NEGOTIATED REHABILITATION PLAN,
INCLUDING THE NAMES OF AT LEAST THREE (3)
QUALIFIED NOMINEES FOR REHABILITATION
RECEIVER
D. A SUMMARY OF DISPUTED ASSETS OF THE DEBTOR
AND A REPORT ON THE PROVISIONING OF FUNDS TO
ACCOUNT FOR APPROPRIATE PAYMENTS SHOULD ANY
SUCH ASSETS BE RULED VALID OR THEIR AMOUNTS
ADJUSTED
B 77 It does not relate to the issuance of order by the
court that the petition is sufficient in form and
substance.
A. IDENTIFY THE DEBTOR, ITS PRINCIPAL BUSINESS
OF ACTIVITY/IES AND ITS PRINCIPAL PLACE OF
BUSINESS
B. REQUEST THAT THE DEBTOR IS UNDER

lOMoARcPSD|20737231
REHABILITATION
C. SUMMARIZE THE GROUND./S FOR THE FILLING OF
THE PETITION
D. STATE THAT COPIES OF THE PETITION AND THE
REHABILITATION PLAN ARE AVAILABLE FOR
EXAMINATION AND COPYING BY ANY INTERESTED
PARTY
B 78 The period of time wherein the court shall approve
the Rehabilitation Plan unless a creditor or other
interested party submits an objection.
A. Within 5 days from the date of the second
publication of the Order
B. Within 10 days from the date of the second
C. Within 15 days from the date of the second
D. Within 30 days from the date of the second
B 79 Period of time wherein any creditor or other
interested party may submit to the court a
verified objection to the petition or the
Rehabilitation Plan.
A. NOT LATER THAN 5 DAYS FROM THE DATE OF THE
SECOND PUBLICATION OF THE ORDER
B. NOT LATER THAN 8 DAYS FROM THE DATE OF THE
C. NOT LATER THAN 15 DAYS FROM THE DATE OF THE
D. NOT LATER THAN 25 DAYS FROM THE DATE OF THE
B 80 The date of the hearing shall be in this period
from the date of the second publication of the
Order.
A. NO EARLIER THAN TEN DAYS AND NO LATER THAN
THIRTY DAYS
B. NO EARLIER THAN TWENTY DAYS AND NO LATER THAN
THIRTY DAYS
C. NO EARLIER THAN THIRTY DAYS AND NO LATER THAN
TWENTY DAYS
D. NO EARLIER THAN THIRTY DAYS AND NO LATER THAN
THIRTY DAYS
C 81 The maximum period the court has from the date of
the filing of the petition to approve the
Rehabilitation Plan.
A. MAXIMUM PERIOD OF 30 DAYS
B. MAXIMUM PERIOD OF 60 DAYS
C. MAXIMUM PERIOD OF 120 DAYS

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D. MAXIMUM PERIOD OF 240 DAYS

C 82 Approval of a Plan under this chapter shall have
this kind of legal effect as confirmation of a
Plan under Chapter II of this Act.
A. HIGHER
B. LOWER
C. THE SAME
D. PROPORTIONAL
C 83 The recognition for an out-of-court or informal
restructuring agreement or Rehabilitation Plan
that meets the minimum requirements prescribed in
this chapter.
A. HAVING HIGHER LEVEL WITH THE OBJECTIVES OF
THIS ACT
B. HAVING LOWER LEVEL WITH THE OBJECTIVES OF
THIS ACT
C. CONSISTENT WITH THE OBJECTIVES OF THIS ACT
D. INCONSISTENT WITH THE OBJECTIVES OF THIS ACT
C 84 It is not included under the minimum requirements
of out-of-court or informal restructuring
agreements and rehabilitation plans.
A. THE DEBTOR MUST AGREE TO THE OUT-OF-COURT OR
INFORMAL RESTRUCTURING/WORKOUT AGREEMENT OR
REHABILITATION PLAN
B. IT MUST BE APPROVED BY CREDITORS REPRESENTING
AT LEAST SIXTY-SEVEN (67%) OF THE SECURED
OBLIGATIONS OF THE DEBTOR
C. IT MUST BE APPROVED BY CREDITORS REPRESENTING
AT LEAST EIGHTY PERCENT (80%) OF THE
UNSECURED OBLIGATIONS OF THE DEBTOR
D. IT MUST BE APPROVED BY CREDITORS HOLDING AT
LEAST EIGHTY-FIVE PERCENT (85%) OF THE TOTAL
LIABILITIES, SECURED AND UNSECURED, OF THE
DEBTOR
D 85 A standstill period that may be agreed under the
A. SUCH AGREEMENT IS APPROVED BY CREDITORS
REPRESENTING MORE THAN FIFTY PERCENT (50%) OF
THE TOTAL LIABILITIES OF THE DEBTOR
B. NOTICE THEREOF IS PUBLISHING IN A NEWSPAPER
OF GENERAL CIRCULATION IN THE PHILIPPINES
ONCE A WEEK FOR TWO (2) CONSECUTIVE WEEKS
C. THE STANDSTILL PERIOD DOES NOT EXCEED ONE
HUNDRED TWENTY (120) DAYS FROM THE DATE OF
EFFECTIVITY
D. THE STANDSTILL PERIOD DOES NOT EXCEED ONE
HUNDRED EIGHTY (180) DAYS FROM THE DATE OF

lOMoARcPSD|20737231
EFFECTIVITY
D 86 The legal effect of a restructuring/workout
agreement or Rehabilitation Plan that is approved
pursuant to an informal workout framework referred
to in this chapter.
A. HIGHER
B. LOWER
C. PROPORTIONAL
D. THE SAME
B 87 Any amendment of an out-of-`court
restructuring/workout agreement or Rehabilitation
Plan must be made in accordance with the terms of
the agreement and with due notice to this party.
A. ALL CITIZENS
B. ALL CREDITORS
C. ALL AGENTS
D. ALL FAMILY MEMBERS
C 88 An exception to the rule that any court action or
other proceedings arising from, or relating to,
the out-of-court or informal restructuring/workout
agreement or Rehabilitation Plan shall not stay
its implementation.
A. UNLESS THE RELEVANT PARTY IS TO REQUEST AN
APPEAL FROM THE COURT OF APPEALS
B. UNLESS THE RELEVANT PARTY TO CREATE A
PETITION FROM THE COURT OF APPEALS
C. UNLESS THE RELEVANT PARTY IS ABLE TO SECURE A
TEMPORARY RESTRAINING ORDER OR INJUNCTIVE
RELIEF FROM THE COURT OF APPEALS
D. UNLESS THE RELEVANT PARTY IS TO REQUEST A
TEMPORARY RESTRAINING ORDER OR INJUNCTIVE
RELIEF FROM THE COURT OF APPEALS
A 89 It shall promulgate the rules of procedure as to
the insolvent debtor and/or creditor to seek court
assistance for the execution or implementation of
a Rehabilitation Plan.
A. SUPREME COURT
B. COURT OF APPEALS
C. CREDITOR
D. DEBTOR
D 90 It is not included under the petition for
liquidation with the court.
A. A SCHEDULE OF THE DEBTOR'S DEBTS AND
LIABILITIES INCLUDING A LIST OF CREDITORS
WITH THEIR ADDRESSES, AMOUNTS OF CLAIMS AND
COLLATERALS, OR SECURITIES
B. AN INVENTORY OF ALL ITS ASSETS INCLUDING

lOMoARcPSD|20737231
RECEIVABLES AND CLAIMS AGAINST THIRD PARTIES

C. THE NAMES OF AT LEAST THREE (3) NOMINEES TO
THE POSITION OF LIQUIDATOR
D. THE NAMES OF AT LEAST FIVE NOMINEES TO THE
POSITION OF AGENT
B 91 It pertains to the aggregate amount wherein three
or more creditors may apply for and seek the
liquidation of an insolvent debtor by filing a
petition for liquidation of the debtor with the
court.
A. CLAIMS IS AT LEAST EITHER FIVE HUNDRED
THOUSAND PESOS OR AT LEAST TWENTY-FIVE
PERCENT OF THE SUBSCRIBED CAPITAL STOCK OR
PARTNER'S CONTRIBUTIONS OF THE DEBTOR,
WHICHEVER IS HIGHER
B. CLAIMS IS AT LEAST EITHER ONE MILLION PESOS
OR AT LEAST TWENTY-FIVE PERCENT OF THE
SUBSCRIBED CAPITAL STOCK OR PARTNER'S
CONTRIBUTIONS OF THE DEBTOR, WHICHEVER IS
HIGHER
C. CLAIMS IS AT LEAST EITHER TWO MILLION PESOS
HIGHER
D. CLAIMS IS AT LEAST EITHER THREE MILLION PESOS
HIGHER
C 92 During the pendency of court-supervised or pre-
negotiated rehabilitation proceedings, this may
order the conversion of rehabilitation proceedings
to liquidation proceedings.
A. DEBTOR
B. CREDITOR
C. COURT
D. AGENT
D 93 The effect of the provisions of Chapter IV in R.A.
10142 on the regulatory powers of the SEC under
Section 6 of Presidential Decree No. 902.
A. ENHANCE
B. DIMINISH
C. CHANGE
D. NO EFFECT
C 94 An individual debtor shall attach to his petition
the following, except for this.

lOMoARcPSD|20737231
A. A SCHEDULE OF DEBTS AND LIABILITIES

B. AN INVENTORY OF ASSESS
C. LIST OF HIS TOTAL EQUITY
D. A PROPOSED AGREEMENT WITH HIS CREDITORS
A 95 Period for an issuance of Order from the filing of
the petition if the court finds it sufficient in
form and substance.
A. WITHIN FIVE WORKING DAYS
B. WITHIN TEN WORKING DAYS
C. WITHIN FIFTEEN WORKING DAYS
D. WITHIN THIRTY WORKING DAYS
C 96 Upon motion filed by the individual debtor, this
may issue an order suspending any pending
execution against the individual debtor.
A. SHERIFF
B. CREDITOR
C. COURT
D. AGENT
A 97 The commissioner appointed by the court shall
preside over the meeting and the clerk of court
shall act as the secretary thereof, subject to the
following rules, except for this.
A. THE CLERK SHALL NOT RECORD THE CREDITORS
PRESENT AND AMOUNT OF THEIR RESPECTIVE CLAIMS
B. THE CREDITORS AND INDIVIDUAL DEBTOR SHALL
DISCUSS THE PROPOSITIONS IN THE PROPOSED
AGREEMENT AND PUT THEM TO A VOTE
C. TO FORM A MAJORITY, IT IS NECESSARY THAT TWO-
THIRDS (2/3) OF THE CREDITORS VOTING UNITE
UPON THE SAME PROPOSITION
D. TO FORM A MAJORITY, IT IS NECESSARY THAT THAT
THE CLAIMS REPRESENTED BY SAID MAJORITY VOTE
AMOUNT TO AT LEAST THREE-FIFTHS (3/5) OF THE
TOTAL LIABILITIES OF THE DEBTOR MENTIONED IN
THE PETITION
D 98 The party that may refrain from attending the
meeting and from voting therein.
A. CREDITORS WHO ARE AFFECTED BY THE COURT ORDER
B. CREDITORS WHO ARE AFFECTED BY THE SUSPENSION
ORDER
C. CREDITORS WHO ARE UNAFFECTED BY THE COURT
ORDER
D. CREDITORS WHO ARE UNAFFECTED BY THE
SUSPENSION ORDER
D 99 This will happen if the proposed agreement if the
number of creditors required for holding a meeting
do not attend thereat.

lOMoARcPSD|20737231
A. SHALL BE DEEMED ACCOMPLISHED

B. SHALL BE DEEMED ACCEPTED
C. SHALL BE DEEMED REVISED
D. SHALL BE DEEMED REJECTED
C 100 In case the decision of the majority of creditors
to approve the individual debtor's proposal or any
amendment thereof made during the creditors'
meeting.
A. FORWARDED BY THE COURT
B. AGREED BY THE COURT
C. ANNULLED BY THE COURT
D. REVISED BY THE COURT
B 101 If the decision of the majority of the creditors
to approve the proposed agreement or any amendment
thereof made during the creditors' meeting is
uphold by the court, or when no opposition or
objection to said decision has been presented.
A. THE COURT SHALL NOT ORDER THAT THE AGREEMENT
BE CARRIED OUT AND ALL PARTIES BOUND THEREBY
TO COMPLY WITH ITS TERMS
B. THE COURT SHALL ORDER THAT THE AGREEMENT BE
CARRIED OUT AND ALL PARTIES BOUND THEREBY TO
COMPLY WITH ITS TERMS
C. THE COURT SHALL NOT ORDER THAT THE AGREEMENT
BE CARRIED OUT AND ALL PARTIES NOT BOUND
THEREBY TO COMPLY WITH ITS TERMS
D. THE COURT SHALL ORDER THAT THE AGREEMENT BE
CARRIED OUT AND ALL PARTIES NOT BOUND THEREBY
TO COMPLY WITH ITS TERMS
B 102 It relates to the failure of individual debtor to
perform agreement.
A. SOME THE RIGHTS WHICH THE CREDITORS HAD
AGAINST THE INDIVIDUAL DEBTOR BEFORE THE
AGREEMENT SHALL REVEST IN THEM
B. ALL THE RIGHTS WHICH THE CREDITORS HAD
AGAINST THE INDIVIDUAL DEBTOR BEFORE THE
C. SOME THE RIGHTS WHICH THE CREDITORS HAD
AGAINST THE INDIVIDUAL DEBTOR AFTER THE
D. ALL THE RIGHTS WHICH THE CREDITORS HAD
AGAINST THE INDIVIDUAL DEBTOR AFTER THE
C 103 This is how An individual debtor whose properties
are not sufficient to cover his liabilities, and
owing debts exceeding Five hundred thousand pesos
may apply to be discharged from his debts and

lOMoARcPSD|20737231
liabilities.
A. BY FILING A PRELIMINARY PETITION WITH THE
COURT OF THE PROVINCE OR CITY IN WHICH HE HAS
RESIDED FOR 6 MONTHS PRIOR TO THE FILING OF
SUCH PETITION
B. BY FILING A PRELIMINARY PETITION WITH THE
COURT OF THE PROVINCE OR CITY IN WHICH HE HAS
SUCH PETITION
C. BY FILING A VERIFIED PETITION WITH THE COURT
OF THE PROVINCE OR CITY IN WHICH HE HAS
SUCH PETITION
D. BY FILING A VERIFIED PETITION WITH THE COURT
OF THE PROVINCE OR CITY IN WHICH HE HAS
RESIDED FOR 12 months prior to the filing of
such petition
A 104 If the court finds the petition sufficient in form
and substance it shall within this period of time,
it shall issue the Liquidation Order mentioned in
Section 112 hereof.
A. 5 WORKING DAYS
B. 15 WORKING DAYS
C. 30 WORKING DAYS
D. 60 WORKING DAYS
C 105 The following shall be considered acts of
insolvency, and the petition for liquidation shall
set forth or allege at least one of such acts,
except for this.
A. THAT SUCH PERSON IS ABOUT TO DEPART OR HAS
DEPARTED FROM THE REPUBLIC OF THE
PHILIPPINES, WITH INTENT TO DEFRAUD HIS
CREDITORS
B. THAT BEING ABSENT FROM THE REPUBLIC OF THE
PHILIPPINES, WITH INTENT TO DEFRAUD HIS
CREDITORS, HE REMAINS ABSENT
C. THAT HE CONCEALS HIMSELF TO ACCEPT THE
SERVICE OF LEGAL PROCESS FOR THE PURPOSE OF
HINDERING OR DELAYING THE LIQUIDATION OR OF
DEFRAUDING HIS CREDITORS
D. THAT HE CONCEALS, OR IS REMOVING, ANY OF HIS
PROPERTY TO AVOID ITS BEING ATTACHED OR TAKEN
ON LEGAL PROCESS
C 106 It is when the court shall issue an Order
requiring the individual debtor to show cause, at
a time and place to be fixed by the said court,
why he should not be adjudged an insolvent.

lOMoARcPSD|20737231
A. Upon the writing of such creditors' petition

B. Upon the amending of such creditors' petition
C. Upon the filing of such creditors' petition
D. Upon the delivering of such creditors'
petition
A 107 It shall be issued by the court if the individual
debtor shall default or if, after trial, the
issues are found in favor of the petitioning
creditors.
A. LIQUIDATION ORDER
B. REHABILITATION PLAN
C. PETITION
D. ORDER OF SUSPENSION
A 108 This shall prepare a schedule of the names and
residences of the creditors, and the amount due
each.
A. SHERIFF
B. DEBTOR
C. CREDITOR
D. COURT
C 109 It is when any other creditor or creditors of the
individual debtor shall be entitled to similar
orders and to like action in all cases where
property is taken into custody by the sheriff.
A. UPON SECURING BOND TO BE APPROVED BY THE
COURT IN DOUBLE THE AMOUNT OF THEIR CLAIMS,
SINGLY OR JOINTLY
B. UPON REVIEWING BOND TO BE APPROVED BY THE
SINGLY OR JOINTLY
C. UPON GIVING BOND TO BE APPROVED BY THE COURT
IN DOUBLE THE AMOUNT OF THEIR CLAIMS, SINGLY
OR JOINTLY
D. UPON RECEIVING BOND TO BE APPROVED BY THE
SINGLY OR JOINTLY
A 110 If, in any case, proper affidavits and bonds are
presented to the court or a judge thereof, asking
for and obtaining an Order of publication and an
Order for the custody of the property of the
individual debtor and thereafter.
A. THE PETITIONERS SHALL MAKE IT APPEAR
SATISFACTORILY TO THE COURT OR A JUDGE
THEREOF THAT THE INTEREST OF THE PARTIES TO
THE PROCEEDINGS WILL BE SUBSERVED BY A SALE
THEREOF
B. THE DEBTOR SHALL MAKE IT APPEAR

lOMoARcPSD|20737231
SATISFACTORILY TO THE COURT OR A JUDGE

THEREOF THAT THE INTEREST OF THE PARTIES TO
THE PROCEEDINGS WILL BE SUBSERVED BY A SALE
THEREOF
C. THE CREDITOR MAY ORDER SUCH PROPERTY TO BE
SOLD IN THE SAME MANNER AS PROPERTY IS SOLD
UNDER EXECUTION, THE PROCEEDS TO DE DEPOSITED
IN THE COURT TO ABIDE BY THE RESULT OF THE
PROCEEDINGS
D. THE SHERIFF MAY ORDER SUCH PROPERTY TO BE
SOLD IN THE SAME MANNER AS PROPERTY IS SOLD
UNDER EXECUTION, THE PROCEEDS TO DE DEPOSITED
IN THE COURT TO ABIDE BY THE RESULT OF THE
PROCEEDINGS
C 111 It refers to a natural person who is a resident
and citizen of the Philippines that has become
insolvent as defined herein.
A. CREDITOR
B. SHERIFF
C. DEBTOR
D. AGENT
C 112 The following relates to the Liquidation Order,
except for this.
A. DECLARE THE DEBTOR INSOLVENT
B. ORDER THE LIQUIDATION OF THE DEBTOR AND, IN
THE CASE OF A JURIDICAL DEBTOR, DECLARE IT AS
DISSOLVED
C. CANCEL PAYMENTS OF ANY CLAIMS AND CONVEYANCE
OF ANY PROPERTY DUE THE DEBTOR TO THE
LIQUIDATOR
D. AUTHORIZE THE PAYMENT OF ADMINISTRATIVE
EXPENSES AS THEY BECOME DUE
B 113 It is not included under the effects of the
issuance of the Liquidation Order.
A. THE JURIDICAL DEBTOR SHALL BE DEEMED
DISSOLVED AND ITS CORPORATE OR JURIDICAL
EXISTENCE TERMINATED
B. LEGAL TITLE TO AND CONTROL OF ALL THE ASSETS
OF THE DEBTOR SHALL BE DEEMED VESTED IN THE
LIQUIDATOR OR, PENDING HIS ELECTION OR
APPOINTMENT, WITH THE COURT
C. ALL CONTRACTS OF THE DEBTOR SHALL BE DEEMED
TERMINATED
D. NO FORECLOSURE PROCEEDING SHALL BE ALLOWED
FOR A PERIOD OF ONE HUNDRED EIGHTY DAYS
D 114 It does not relate on the situation wherein the
secured creditor maintains his rights under the

lOMoARcPSD|20737231
security or lien.
A. THE VALUE OF THE PROPERTY MAY BE FIXED IN A
MANNER AGREED UPON BY THE CREDITOR AND THE
LIQUIDATOR
B. THE LIQUIDATOR MAY SELL THE PROPERTY AND
SATISFY THE SECURED CREDITOR'S ENTIRE CLAIM
FROM THE PROCEEDS OF THE SALE
C. THE SECURE CREDITOR MAY ENFORCE THE LIEN OR
FORECLOSE ON THE PROPERTY PURSUANT TO
APPLICABLE LAWS
D. THE SECURE DEBTOR MAY ENFORCE THE LIEN OR
FORECLOSE ON THE PROPERTY PURSUANT TO
APPLICABLE LAWS
C 115 This party shall elect the liquidator in open
court.
A. ALL OF THE CREDITORS
B. ALL OF THE DEBTORS
C. CREDITORS ENTITLED TO VOTE
D. DEBTORS ENTITLED TO VOTE
D 116 It is not included under the grounds wherein the
court may appoint the liquidator.
A. ON THE DATE SET FOR THE ELECTION OF THE
LIQUIDATOR, THE CREDITORS DO NOT ATTEND
B. THE CREDITORS WHO ATTEND, FAIL OR REFUSE TO
ELECT A LIQUIDATOR
C. AFTER BEING ELECTED, THE LIQUIDATOR FAILS TO
QUALIFY
D. THERE IS NO VACANCY THAT OCCURRED FOR ANY
REASON WHATSOEVER
A 117 This person shall take an oath and file a bond
prior to entering upon his powers, duties and
responsibilities.
A. LIQUIDATOR
B. SHERIFF
C. DEBTOR
D. CREDITOR
C 118 A way wherein a liquidator may be removed at any
time by the court for cause.
A. EITHER MOTU PROPIO OR UPON MOTION OF ANY
DEBTOR ENTITLED TO VOTE
B. EITHER MOTU PROPORIO OR UPON MOTION OF ANY
DEBTOR ENTITLED TO VOTE
C. EITHER MOTU PROPIO OR UPON MOTION OF ANY
CREDITOR ENTITLED TO VOTE
D. EITHER MOTU PROPORIO OR UPON MOTION OF ANY
CREDITOR ENTITLED TO VOTE
C 119 It refers to the section which states that the

lOMoARcPSD|20737231
liquidator shall be deemed an officer of the court

with the principal duly of preserving and
maximizing the value and recovering the assets of
the debtor.
A. COMPENSATION OF THE LIQUIDATOR
B. ELECTION OF LIQUIDATOR
C. POWERS, DUTIES AND RESPONSIBILITIES OF THE
LIQUIDATOR
D. OATH AND BOND OF THE LIQUIDATOR
D 120 Amount on which the liquidator shall be entitled
to such reasonable compensation as may be
determined by the liquidation court.
A. SHALL NOT EXCEED 500,000 PESOS
B. SHALL NOT EXCEED 1,000,000 PESOS
C. SHALL NOT EXCEED 1,500,000 PESOS
D. SHALL NOT EXCEED THE MAXIMUM AMOUNT AS MAY BE
PRESCRIBED BY THE SUPREME COURT
C 121 This shall make and keep a record of all moneys
received and all disbursements mad by him or under
his authority as liquidator.
A. CUSTOMER
B. SHERIFF
C. LIQUIDATOR
D. AGENT
D 122 In preparation for the final settlement of all the
claims against the debtor, this person shall
notify all the creditors.
A. DEBTORS
B. COURT
C. SHERIFF
D. LIQUIDATOR
B 123 The period wherein from his assumption into office
the liquidator shall prepare a preliminary
registry of claims of secured and unsecured
creditors.
A. WITHIN 14 DAYS
B. WITHIN 20 DAYS
C. WITHIN 45 DAYS
D. WITHIN 60 DAYS
B 124 If the debtor and creditor are mutually debtor and
creditor of each other one debt shall be set off
against the other, and only the balance, if any
shall be allowed in the liquidation proceedings.
A. RIGHT FOR QUITS
B. RIGHT OF SET-OFF
C. RIGHT TO EQUALIZE
D. RIGHT OF CANCELLATION

lOMoARcPSD|20737231
B 125 Period where the rehabilitation receiver shall

submit to the court the registry of claims
containing the undisputed claims that have not
been subject to challenge.
A. UPON THE EXPIRATION OF THE 15 DAY PERIOD
B. UPON THE EXPIRATION OF THE 30 DAY PERIOD
C. UPON THE EXPIRATION OF THE 45 DAY PERIOD
D. UPON THE EXPIRATION OF THE 60 DAY PERIOD
A 126 He shall resolve disputed claims and submit his
findings thereon to the court for final approval.
A. LIQUIDATOR
B. CREDITOR
C. DEBTOR
D. SHERIFF
D 127 The be rescinded or declared null and void on the
ground that the same was executed with intent to
defraud a creditor or creditors or which
constitute undue preference of creditors.
A. ANY TRANSACTION OCCURRING PRIOR TO THE
ISSUANCE OF THE LIQUIDATION ORDER
B. IN CASE OF THE CONVERSION OF THE
REHABILITATION PROCEEDINGS PRIOR TO THE
COMMENCEMENT DATE
C. TRANSACTIONS ENTERED INTO BY THE DEBTOR
BEFORE THE LIQUIDATING ORDER WAS ISSUED
INVOLVING ITS ASSETS
D. TRANSACTIONS INVOLVED AFTER THE LIQUIDATION
ORDER WAS ISSUED
A 128 The following relates to the actions for
rescission or nullity, except for this.
A. THE LIQUIDATOR OR A DEBTOR MAY INITIATE AND
PROSECUTE ANY ACTION TO RESCIND, OR DECLARE
NULL AND VOID ANY TRANSACTION
B. IF LEAVE OF COURT IS GRANTED, THE LIQUIDATOR
SHALL ASSIGN AND TRANSFER TO THE CREDITOR ALL
RIGHTS, TITLE AND INTEREST IN THE CHOSE IN
ACTION OR SUBJECT MATTER OF THE PROCEEDING,
INCLUDING ANY DOCUMENT IN SUPPORT THEREOF
C. ANY BENEFIT DERIVED FROM A PROCEEDING TAKEN
TO THE EXTENT OF HIS CLAIM AND THE COSTS,
BELONGS EXCLUSIVELY TO THE CREDITOR
INSTITUTING THE PROCEEDING, AND THE SURPLUS,
IF ANY, BELONGS TO THE ESTATE
D. WHERE, BEFORE AN ORDERS IS MADE, THE
LIQUIDATOR SIGNIFIES TO THE COURT HIS
READINESS TO THE INSTITUTE THE PROCEEDING FOR
THE BENEFIT OF THE CREDITORS, THE ORDER SHALL

lOMoARcPSD|20737231
FIX THE TIME WITHIN WHICH HE SHALL DO SO AND,

IN THAT CASE THE BENEFIT DERIVED FROM THE
PROCEEDINGS, IF INSTITUTED WITHIN THE TIME
LIMITS SO FIXED, BELONGS TO THE ESTATE
C 129 Period of time wherein the Liquidator shall submit
a Liquidation Plan to the court.
A. WITHIN 1 MONTH FROM HIS ASSUMPTION INTO
OFFICE
B. WITHIN 2 MONTHS FROM HIS ASSUMPTION INTO
OFFICE
C. WITHIN 3 MONTHS FROM HIS ASSUMPTION INTO
OFFICE
D. WITHIN 4 MONTHS FROM HIS ASSUMPTION INTO
OFFICE
D 130 It is when the court shall exempt and set apart,
for the use and benefit of the said insolvent,
such real and personal property as is by law
exempt from execution, and also a homestead.
A. BEFORE PETITION AND BEFORE HEARING
B. UPON PETITION AND BEFORE HEARING
C. BEFORE PETITION AND AFTER HEARING
D. UPON PETITION AND AFTER HEARING
B 131 The liquidator may sell the unencumbered assets of
the debtor and convert the same into money.
A. THE SALE SHALL BE MADE AT PUBLIC MARKET
B. THE SALE SHALL BE MADE AT PUBLIC AUCTION
C. THE SALE SHALL BE MADE AT PRIVATE MARKET
D. THE SALE SHALL BE MADE AT PRIVATE AUCTION
D 132 It is how payments shall be made to creditors when
the Liquidator implements the Liquidation Plan as
approved by the court.
A. THROUGH BANK TRANSFERS
B. THROUGH PHYSICAL TRANSACTION
C. IN ACCORDANCE WITH THE DEBTOR’S REQUEST
D. IN ACCORDANCE WITH THE PROVISIONS OF THE PLAN
C 133 Exception on the rule that the Liquidation Plan
and its Implementation shall ensure that the
concurrence and preference of credits as
enumerated in the Civil Code of the Philippines
and other relevant laws shall be observed.
A. UNLESS AN ORDINARY CREDITOR VOLUNTARILY
WAIVES HIS RIGHT
B. UNLESS AN ORDINARY INVESTOR VOLUNTARILY
WAIVES HIS RIGHT
C. UNLESS A PREFERRED CREDITOR VOLUNTARILY
WAIVES HIS PREFERRED RIGHT
D. UNLESS A PREFERRED INVESTOR VOLUNTARILY

lOMoARcPSD|20737231
WAIVES HIS PREFERRED RIGHT

A 134 Upon determining that the liquidation has been
completed according to this Act and applicable
law.
A. THE COURT SHALL ISSUE AN ORDER APPROVING THE
REPORT AND ORDERING THE SEC TO REMOVE THE
DEBTOR FROM THE REGISTRY OF LEGAL ENTITIES
B. THE COURT SHALL ISSUE AN ORDER APPROVING THE
REPORT AND ORDERING THE BIR TO REMOVE THE
C. THE COURT SHALL ISSUE AN ORDER APPROVING THE
REPORT AND ORDERING THE DTI TO REMOVE THE
D. THE COURT SHALL ISSUE AN ORDER APPROVING THE
REPORT AND ORDERING THE COA TO REMOVE THE
A 135 Upon receipt of evidence showing that the debtor
has been removed from the registry of legal
entities at the SEC.
A. THE COURT SHALL ISSUE AN ORDER TERMINATING
THE PROCEEDINGS
B. THE COURT SHALL ISSUE AN ORDER ACCEPTING THE
PROCEEDINGS
C. THE COURT SHALL ISSUE AN ORDER APPROVING THE
REPORT AND ORDERING THE SEC TO REMOVE THE
D. THE COURT SHALL ISSUE AN ORDER APPROVING THE
REPORT AND ORDERING THE DTI TO REMOVE THE
D 136 It is not included under the trade related assets.
A. CASH
B. SECURITIES
C. TRADING RIGHT
D. OTHER OWNED SECURITIES NOT IN THE ORDINARY
COURSE OF BUSINESS
D 137 The following shall be done by the court to assist
in the liquidation of a financial under
rehabilitation receivership established by a
state-funded or state-mandated insurance system,
except for this.
A. ISSUE ORDERS
B. ADJUDICATE CLAIMS
C. PROVIDE OTHER RELIEFS
D. COLLECT PROFIT
D 138 The liquidation of the following shall be
determined by relevant legislation while the
provisions in R.A. 10142 shall apply in a

lOMoARcPSD|20737231
suppletory manner.
A. BANK
B. FINANCIAL INSTITUTIONS
C. INSURANCE COMPANIES
D. POST-NEED COMPANIES
C 139 Subject to the provision of Section 136 hereof and
the rules of procedure that may be adopted by the
Supreme Court, it is adopted from the United
Nations Center for International Trade and
Development is hereby adopted as part of this Act.
A. COMMERCIAL LAW ON CROSS-BORDER SOLVENCY
B. CORPORATE LAW ON CROSS-BORDER INSOLVENCY
C. MODEL LAW ON CROSS-BORDER INSOLVENCY
D. INTERNATIONAL LAW ON CROSS-BORDER INSOLVENCY
C 140 It is when the court shall set a hearing in
connection with an insolvency or rehabilitation
proceeding taking place in a foreign jurisdiction.
A. UPON THE CREATION OF A PETITION BY THE
REPRESENTATIVE OF THE FOREIGN ENTITY THAT IS
THE SUBJECT OF THE FOREIGN PROCEEDING
B. UPON THE CREATION OF A PETITION BY THE
NOT THE SUBJECT OF THE FOREIGN PROCEEDING
C. UPON THE SUBMISSION OF A PETITION BY THE
THE SUBJECT OF THE FOREIGN PROCEEDING
D. UPON THE SUBMISSION OF A PETITION BY THE
NOT THE SUBJECT OF THE FOREIGN PROCEEDING
D 141 The following pertains to the situation wherein
the court may issue orders, except for this.
A. SUSPENDING ANY ACTION TO ENFORCE CLAIMS
AGAINST THE ENTITY OR OTHERWISE SEIZE OR
FORECLOSE ON PROPERTY OF THE FOREIGN ENTITY
LOCATED IN THE PHILIPPINES
B. REQUIRING THE SURRENDER PROPERTY OF THE
FOREIGN ENTITY TO THE FOREIGN REPRESENTATIVE
C. PROVIDING OTHER NECESSARY RELIEF
D. PROVIDING CUSTOMARY ARGUMENTS
B 142 In determining whether to grant relief under this
subchapter, the court shall consider the
A. THE PROTECTION OF CREDITORS IN THE
PHILIPPINES AND THE INCONVENIENCE IN PURSUING
THEIR CLAIM IN A FOREIGN PROCEEDING
B. THE JUST TREATMENT OF SOME CREDITORS THROUGH
RESORT TO A UNIFIED INSOLVENCY OR

lOMoARcPSD|20737231
REHABILITATION PROCEEDINGS
C. WHETHER OTHER JURISDICTIONS HAVE GIVEN
RECOGNITION TO THE FOREIGN PROCEEDING
D. THE EXTENT THAT THE FOREIGN PROCEEDING HAS
RECOGNIZED AND SHOWN DEFERENCE TO PROCEEDINGS
UNDER THIS ACT AND PREVIOUS LEGISLATION
C 143 It is when Public funds for the rehabilitation of
government-owned and controlled corporations shall
be released.
A. PURSUANT TO AN APPROPRIATION BY COURT AND
SHALL BE SUPPORTED BY FUNDS ACTUALLY
AVAILABLE AS CERTIFIED BY THE NATIONAL
TREASURER
B. PURSUANT TO AN APPROPRIATION BY COURT AND
AVAILABLE AS CERTIFIED BY THE LOCAL TREASURER
C. PURSUANT TO AN APPROPRIATION BY CONGRESS AND
AVAILABLE AS CERTIFIED BY THE NATIONAL
TREASURER
D. PURSUANT TO AN APPROPRIATION BY CONGRESS AND
AVAILABLE AS CERTIFIED BY THE LOCAL TREASURER
A 144 The provisions in Chapter II, insofar as they are
applicable, shall likewise apply to proceedings in
Chapters II and IV.
A. APPLICABILITY OF PROVISIONS
B. HIERARCHY OF PROVISIONS
C. IMPLEMENTATION OF PROVISIONS
D. RESTRICTION OF PROVISIONS
A 145 Punishment given to an owner if he shall, having
knowledge belief of any person having proved a
false or fictitious claim against the debtor, fail
to disclose the same.
A. A FINE OF NOT MORE THAN 1,000,000 PESOS AND
IMPRISONMENT FOR NOT LESS THAN 3 MONTHS NOR
MORE THAN 5 YEARS FOR EACH OFFENSE
B. A FINE OF NOT MORE THAN 2,000,000 PESOS AND
C. A FINE OF NOT MORE THAN 1,000,000 PESOS AND
D. A FINE OF NOT MORE THAN 2,000,000 PESOS AND
A 146 All further proceedings in insolvency, suspension

lOMoARcPSD|20737231
of payments and rehabilitation cases then pending

in which event the procedures set forth in prior
laws and regulations.
A. APPLICABLE
B. VOID
C. VOIDABLE
D. Not applicable
A 147 This Act shall apply to all contracts of the
debtor regardless of the date of perfection.
A. APPLICATION TO PENDING CONTRACTS
B. APPLICATION TO CONTRACTS UNDER COMMENCEMENT
C. SEPARABILITY CLAUSE
D. EFFECTIVITY CLAUSE
A 148 All other laws, orders, rules and regulations or
parts thereof inconsistent with any provision of
this Act are hereby repealed or modified
accordingly.
A. REPEATING CLAUSE
B. EFFECTIVITY CLAUSE
C. SEPARABILITY CLAUSE
D. APPLICABILITY CLAUSE
D 149 If any provision of this Act shall be held
invalid, the remainder of this Act not otherwise
affected shall be in effect of this manner.
A. BE REDUCED TO LESSER EFFECT
B. BE ENHANCED FOR A HIGHER EFFECT
C. BE CHANGED AS TO THE EFFECT
D. REMAIN IN FULL FORCE EFFECT
150 This Act shall take effect 15) days after its
complete publication in the Official Gazette or in
at least on this paper.
A. TWO NATIONAL NEWSPAPER OF GENERAL CIRCULATION
B. THREE NATIONAL NEWSPAPER OF GENERAL
CIRCULATION
C. TWO LOCAL NEWSPAPER OF GENERAL CIRCULATION
D. THREE LOCAL NEWSPAPER OF GENERAL CIRCULATION

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lOMoARcPSD|20737231

Philippines MCQ RA No - Multiple choice questions FRIA

Accountancy (Far Eastern University)

Scan to open on Studocu

Studocu is not sponsored or endorsed by any college or university

ANS # STATEMENTS AND CHOICES

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the Commencement Order, which shall be retroactive

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least twenty-five percent of the subscribed

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C 17 It is not included under the effects of the

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C. UPON ISSUANCE OF THE COMMENCEMENT ORDER BY

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claim in accordance with the Commencement Order

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submit the same or a new one if the petition is

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responsibilities of the rehabilitation receiver.

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receiver to assume the powers of management of the

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C. IF HE HAS A CONFLICT OF INTEREST

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B. Within thirty days from the expiration of the

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B. SUCH CONVEYANCE OR DISPOSAL IS NECESSARY FOR

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B. UPON MOTION OF, OR WITH THE CONSENT OF THE

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REHABILITATION PROCEEDINGS ARE PENDING

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THE BENEFIT DERIVED FROM THE PROCEEDING, IF

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D. CONSULTATION WITH CITIZENS

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D. THE COURT SHALL REQUEST AN ORDER DENYING THE

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A. APPROVAL OF THE PETITION BY THE COURT

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D. MAXIMUM PERIOD OF 240 DAYS

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RECEIVABLES AND CLAIMS AGAINST THIRD PARTIES

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A. A SCHEDULE OF DEBTS AND LIABILITIES

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A. SHALL BE DEEMED ACCOMPLISHED

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A. Upon the writing of such creditors' petition

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SATISFACTORILY TO THE COURT OR A JUDGE

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liquidator shall be deemed an officer of the court

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B 125 Period where the rehabilitation receiver shall

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FIX THE TIME WITHIN WHICH HE SHALL DO SO AND,