Practice question
Alpha owes a supplier an established corporate debt and is absorbed into Beta in an effective statutory merger. Beta says Alpha's disappearance alone extinguishes the debt. Which is correct?
- The debt always vanishes
- Only Alpha's former receptionist must pay
- The supplier becomes an incorporator
- The surviving corporation succeeds to the constituent's liabilities and obligations
- The SEC pays the debt
Legal references
- RA11232, Section79: https://elibrary.judiciary.gov.ph/thebookshelf/showdocs/2/86463
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