Practice question
A petition describes dissolution but omits known valid creditor claims and submits only a list of shareholders. The directors say disclosure of claims is optional if shareholders approve. Which is best?
- Shareholder approval always makes debt disclosure unnecessary
- Section 135 independently requires the creditor claims and creditor list
- Only shareholders can have legal interests
- Omitted creditors automatically cease to exist
- The company name determines whether a debt is valid
Legal references
- RA 11232: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463; Section 135.
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