Practice question
A plan otherwise lawfully qualifies for confirmation and its terms are necessary to restore the juridical debtor’s viability. Existing owners object and claim an absolute veto. Which additional authority does Section 68 expressly recognize, distinct from Section 64’s creditor-rejection conditions?
- Every owner may veto every plan forever
- Only unanimous shareholder consent gives the court jurisdiction
- Owner objection automatically compels liquidation
- The court may approve or implement necessary plan terms despite lack of owner, partner or stockholder approval
- The court may ignore viability altogether
Legal references
- RA 10142 (FRIA), Sections 4, 7, 9, 17-18, 31-35, 64-70 and 115-121: https://lawphil.net/statutes/repacts/ra2010/ra_10142_2010.html
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