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SUSPENSION OF PAYMENTS PROCEEDINGS

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1SUSPENSION OF PAYMENTS PROCEEDINGS Empty SUSPENSION OF PAYMENTS PROCEEDINGS Tue Sep 23, 2008 3:59 pm

barrister

barrister
Reclusion Perpetua

A remedy available to the debtor who, possessing sufficient property to cover all his debts, foresees the impossibility of meeting them when they respectively fall due, and therefore presents a proposal to pay his
obligations on dates later than due dates.

Purpose: To seek postponement of the payment of debts in order to provide the debtor a given period to convert some of his properties to cash.

Jurisdiction: RTC

When the suspensive effect commences: Upon the filing of the petition.

2SUSPENSION OF PAYMENTS PROCEEDINGS Empty Re: SUSPENSION OF PAYMENTS PROCEEDINGS Tue Sep 23, 2008 3:59 pm

barrister

barrister
Reclusion Perpetua

REQUISITES OF PETITION FOR SUSPENSION OF PAYMENTS:

1. Filed by a debtor possessing sufficient property to cover all his debts;
2. Foreseeing the impossibility of meeting them when they respectively fall due;
3. Petitioning that he be declared in the state of suspension of payments;
Note: Petition need not be verified

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