Practice question
A liquidator proposes selling an estate asset and settling a disputed debtor-creditor account solely on private instructions, insisting appointment eliminates judicial oversight. Which is correct under Section 119?
- All liquidator acts are unreviewable
- The stated sale and account settlement are subject to court approval under the enumerated powers
- Only the debtor’s relatives may approve
- All sales and settlements are categorically forbidden
- A court order is needed only to print the liquidator’s letterhead
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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