Practice question
Before assuming duties, what must a FRIA liquidator do under Section 117?
- Take an oath and file the court-fixed faithful-discharge bond
- Acquire all debtor shares
- Pay all claims personally
- Cancel every security automatically
- Obtain every customer’s approval
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
Answer this question in flashcards to review your response and continue practicing.