Philippines MCQ RA No - Multiple choice questions FRIA PDF

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ANS # STATEMENTS AND CHOICESC 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...

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STATEMENTS AND CHOICES 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 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 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 COMMENCEMENT OF THE PROCEEDINGS IN ANY NEWSPAPER OF GENERAL CIRCULATION C. UPON PUBLICATION OF THE NOTICE OF THE COMMENCEMENT OF THE PROCEEDINGS IN ANY NEWSPAPER OF LOCAL CIRCULATION D. UPON PUBLICATION OF THE NOTICE OF THE COMMENCEMENT OF THE PROCEEDINGS IN ANY NEWSPAPER OF GENERAL CIRCULATION 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 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 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 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 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 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 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 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 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 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 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 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 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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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 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 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 REHABILITATION PLAN OR DISMISSAL 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 REHABILITATION PLAN OR DISMISSAL OF THE PETITION, WHICHEVER IS EARLIER D. UPON ISSUANCE OF THE COMMENCEMENT ORDER BY THE COURT, AND UNTIL THE APPROVAL OF THE REHABILITATION PLAN OR DISMISSAL OF THE PETITION, WHICHEVER IS LATER 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 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 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 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 ENTITLED TO RECEIVE DISTRIBUTIONS ARISING THEREFROM C. HE SHALL NOT BE ENTITLED TO PARTICIPATE IN THE REHABILITATION PROCEEDINGS BUT SHALL BE ENTITLED TO RECEIVE DISTRIBUTIONS ARISING THEREFROM D. HE SHALL NOT BE ENTITLED TO PARTICIPATE IN THE REHABILITATION PROCEEDINGS BUT SHALL NOT BE ENTITLED TO RECEIVE DISTRIBUTIONS ARISING THEREFROM 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 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 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 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 A party that may serve as a rehabilitation receiver. A. COURT B. DEFENDANT C. PETITIONER D. ANY QUALIFIED NATURAL OR JURIDICAL PERSON 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 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 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 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 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 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 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 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 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 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 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 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 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. A. REHABILITATION RECEIVER B. PERSONS EMPLOYED BY THE REHABILITATION RECEIVER C. CREDITORS OF THE MANAGEMENT COMMITTEE D. PERSONS EMPLOYED BY THE MANAGEMENT COMMITTEE 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 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 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 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...