Practice question
What is FRIA’s general policy for financially distressed debtors and creditors?
- Unlimited preference for the fastest creditor
- Collective and realistic adjustment of competing claims with timely fair rehabilitation or liquidation
- Automatic cancellation of every debt
- Automatic shareholder priority over all creditors
- Permanent suspension of all commerce
Legal references
- https://lawphil.net/statutes/repacts/ra2010/ra_10142_2010.html — RA 10142, sections 2–5
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