Practice question
Two companies have the same controlling shareholder but no pre-commencement commingling in fact. One asks to aggregate their assets solely because of common control. What follows under Section 7?
- Common control automatically satisfies everything
- Aggregation is always mandatory
- Each creditor automatically owns both companies
- Their names alone decide
- Common control alone is insufficient; the statutory consolidation conditions must be established
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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