I'm Giancarlo Enrico S. Pozon, a Wushu instructor, investor and Barrister... That's right, Barrister; I graduated from law school and took the Bar Exams, now I'm waiting for the results. I created this blog to make Philippine Law easy to understand for the average person. It's all about free legal advice. There are many law blogs. But the problem is that many of them are written for lawyers and law students. They use words that can't be understood by ordinary people.
Many lawyers, judges and law students consider themselves as superior to most human beings because of their knowledge of the law. It bothers me since the law is supposed to serve society. Since the law is meant to serve society as a whole, it is important that is must be understood by everybody.
This does not mean that we should all become lawyers. It means that although law is a highly specialized profession, the first duty of everybody in this profession is to make the law understandable to all; that's why all these articles are free legal advice.
Like I said, this blog is about law -but it's for the ordinary people, not the lawyers. It's for the ordinary folk so they will know what is good and bad for them, and that making them aware of the law will help us all improve society as a whole. This is free legal advice for everybody!
Because global trade has been accelerated by the internet, this type of case under the FRIA will become very commonplace in the near future. It's called cross-border insolvency and happens when a foreign corporation doing business in the Philippines becomes insolvent. This part of the FRIA is based on the model put forth by the UN Center for International Trade and Development.
When a foreign corporation initiates insolvency proceedings, its files the petition. The court then issues the following orders:
1.) Suspension of actions to enforce claims against the foreign corporation (or seize/foreclose its property)
2.) Surrender the foreign corporation's property to its representative
3.) Provide other necessary reliefs
The court will consider the following factors in determining whether to grant relief to the foreign corporation:
1.) Protection of the Philippine creditors and the problems they could face if they pursue their case in a foreign proceeding
2.) Resort to a unified insolvency/rehab proceeding for the just treatment of all the creditors
3.) The extent to which the foreign proceeding recognizes the creditors' rights and those of other interested parties in a way that is substantially in line with what is prescribed in the FRIA
4.) The extent to which the foreign corporation recognizes and defers to FRIA proceedings (and previous legislation)
5.) Whether or not other jurisdictions recognize the foreign proceedings
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