Practice question
Does the Liquidation Order automatically extinguish every secured creditor's lien?
- Yes, all security disappears
- Yes, unless the creditor is a director
- No, Section114 preserves the right to enforce the lien under applicable law and contract
- Only if the debtor changes its address
- Only if the loan is in foreign currency
Legal references
- RA 10142, Sections 113(e) and114: https://lawphil.net/statutes/repacts/ra2010/ra_10142_2010.html
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