EFFECTS   OF   DEATH   OF   INSOLVENT   DEBTOR   PENDING INSOLVENCY PROCEEDINGS

IT DEPENDS—

1.   If the debtor  shall die after the  order of adjudication, the proceedings  shall  be  continued  and  concluded  in  like manner and with like validity, and effect as if he had lived
2.   If  the  death  occurs  before  the  order  of  adjudication,  the proceedings  shall  be  discontinued.    The  claims  must  be filed  in  the  proper  testate  or  intestate  proceedings  as provided  for  in  the  R/C  on  the  settlement  of  decedent’s estate
 

DUTY    OF    COURT    WHERE    PROPERTY    EXEMPT    FROM EXECUTION

     It shall be the duty of the court having jurisdiction of the proceedings, upon petition and after hearing held upon due notice, to exempt and set apart, for the use and benefit of the insolvent, such real and personal property as is by law exempt from execution
 

WHEN INSOLVENCY PROCEEDINGS DEEMED TO COMMENCE

     The filing off a petition by or against a debtor upon which, or  upon amendment  of  which,  an  order  of adjudication in insolvency  may  be  made,  shall  be  deemed  to  be  the commencement of proceedings in insolvency under the Act
 

WHEN RECEIVER MAY BE APPOINTED

Upon  the  filing  of  either  a  voluntary  or  involuntary  petition  in insolvency, a receiver may be appointed by the court in which the proceeding is pending,  or  by  a judge thereof, at any time before the  election  of  an  assignee,  when  it  appears  by  the  verified petition of a creditor:

1.   That the assets of the insolvent, or a considerable portion thereof,   have   been   pledged,   mortgaged,   transferred, assigned,   conveyed,   or   seized,   on   legal   process,   in contravention  or  violation  of  the  provisions  of  section seventy of this Act, and  
2.   That it is necessary to commence an action to recover the same. The appointment, oath, undertaking, and powers of such  receiver  shall  in  all  respects  be  regulated  by  the general   laws   of   the   Philippine   Islands   applicable   to receivers.  

     When  an  assignee  is  chosen,  and  has  qualified,  the receiver  shall  forthwith  return  to  court  an  account  of  the assets and property which have come into his possession, and  of  his  disbursements,  and  a  report  of  all  actions  or proceedings  commenced  by  him  for  the  recovery  of  any property  belonging  to  the  estate,  and  the  court  shall thereupon   summarily   hear   and   settle   the   receiver's
account,  and  shall  allow  him  a  just  compensation  for  his services   and   his   expenses,   including   a   reasonable attorney's  fee,  whereupon  the  receiver  shall  deliver  all property, assets, or effects remaining in his hands, to the assignee  who  shall  be  substituted  for  the  receiver  in  all pending actions or proceedings.
 

WHEN PETITION MAY BE DISMISSED

1.   Upon  the  application  of  the  debtor,  if  it  be  voluntary petition, if no creditor files a written objection
2.   If  a  creditor's  petition,  dismiss  the  petition  and  the discontinue   the   proceedings   at   any   time   before   the appointment of an assignee
3.   After the appointment of an assignee, no dismissal shall be made  without  the  consent  of  all  parties  interested  in  or affected thereby.