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Insolvency: Remedies in the Philippines

Source: https://val.law/remedies-for-insolvency-in-the-philippines/; R.A. No. 10142 REMEDIES FOR INSOLVENCY IN THE PHILIPPINES Due to the outbreak of COVID-19 worldwide, and the imposition of the Enhanced Community Quarantine and Stringent Social Distancing Measures over the entire island of Luzon, there has been a severe disruption of economic activities. Many establishments have been prevented to physically operate and had to resort to finding means to handle their business activities remotely. Entrepreneurs and businessmen across different industries have reported significant losses and cut backs, which have resulted to a widespread and looming fear of bankruptcy. In the event that this economic disruption will put juridical entities in a state of insolvency, below is a summary of the remedies available under Philippine laws to address the same. Under the Philippine laws, an entity is considered insolvent if it is generally unable to pay its liabilities as they fal

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