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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.
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.
