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What is the effect of placing a bank under receivership?

 

When a bank is placed under receivership, it would only not be able to do new business, that is, to grant new loans or accept new deposits but the receiver is in fact obliged to collect debts owing to the bank, which debts form part of the assets of the bank. (Aguilar vs. Manila Banking Corporation, 502 SCRA 354 [2006]).

 

What are the requisites before a Management Committee can be created and a Receiver are appointed by the Regional Trial Court?

 

1. He Must show that the corporate property is in danger of being wasted and destroyed;

2. That the business of the corporation is being diverted from the purpose for which it has been organized;

3. That there is a serious paralyzation of operations all to his detriment.

 

In the absence of a strong showing of an imminent danger of disposition, loss, wastage, or destruction of assets or other properties of a corporation and paralysis of its business operations, the mere apprehension of future misconduct based upon prior mismanagement will not authorize the appointment of a Management Committee/Receiver. (Sy Chim vs. Siy Hi & Sons, Inc., 480 SCRA 465 [2006]).

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BATASnatin.com is the Philippines' most comprehensive law library, providing top-notch legal resources and services. It aims to educate people about Philippine laws and offer free legal advice through its website and YouTube channel.

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