Practice question
Three months pass without creditors accepting the proposed agreement. What does section 96 provide about its suspension order?
- It continues forever
- It converts automatically to a bank closure
- It cancels every creditor claim
- Only a new business name ends it
- It lapses
Legal references
- https://lawphil.net/statutes/repacts/ra2010/ra_10142_2010.html — RA 10142, sections 94–102
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