Brixton Vincent G. Reyes G.R. No. 193872
October 19, 2011
Siochi Fishery Enterprises Inc., et. al. v. BPI J. Carpio
Doctrine: As an ofcer o the court and an expert, the rehabilitation receiver plays an important role in corporate rehabilitation proceedings. The petition or rehabilitation and rehabilitation plan should be reerred to such person. According to the Interim Rules o roc roced edur ure e on !orp !orpor orat ate e Rehabilitation, a li"uidation analysis that estimates the proportion o the claims that the creditors and shareholders #ould receive i the debtors properties #ere li"uidated is re"uired. A corporation has a legal personality distinct rom its stoc$holders and directors. A corporation undergoing rehabilitation must have concrete material %nancial commitments in its rehabilitation plan. &acts: •
ioc!i ioc!i "is!ery is!ery #nterpri #nterprises, ses, $nc., $nc., J%n&J%n "is!in' is!in' Corporati Corporation, on, (e)e "is!in' is!in' Corporation, B*%e Crest +%a&"ar-s, +%a&"ar-s, $nc. an) $*oi*o roperty roperty Vent%res, ent%res, $nc. / are )o-estic corporations o t!e ioc!i a-i*y it! principa* oce at 4a*abon
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City. $n t!e co%rse o t!eir b%siness, borroe) ro- Ban5 o t!e !i*ippine $s*an)s /R an) roro- +ya*a ya*a 6ie 6ie +ss +ss%r %ranc ance, e, $nc. $nc. s tota* tota* ob*i'a ob*i'atio tion n a-o%nt a-o%nte) e) to
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8,32,22.0. t!en t!en :*e) :*e) s!or s!ort* t*y y ate ater rar ar)s )s it! it! t!e t!e R;C a peti petiti tion on or or corp corpor orat ate e re!abi*itation.
R;C< R%*e) in s a=or an) appro=e) t!e petition. •
ere net ort!y since it !a) properties a-o%ntin' to 393,922,000.00 t!at
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can pay o> t!e 79,8?8,920.23 )ebt to R. s re!abi*itation p*an is easib*e since a -oratori%- perio) o years on t!e paypay-en entt o its its *oan *oans@ s@ob ob*i *i'a 'ati tion ons s i** i** enab enab*e *e to 'ene 'enera rate te a))i a))iti tion ona* a* capita*@%n)s to contin%e its b%siness operations. operations.
C+< R%*e) in Rs a=or an) Re=erse) t!e R;C )ecision. •
;!e *oer co%rt co--itte) a pri-e proce)%ra* in:r-ity in its ai*%re to reer s petition petition or re!abi* re!abi*itati itation on an) Re!abi*it e!abi*itation ation *an to t!e re!abi* re!abi*itati itation on
Brixton Vincent G. Reyes recei=er )espite t!e exp*icit an) c*ear -an)ate o t!e $nteri- R%*es t!at i t!e co%rt is satis:e) t!at t!ere is -erit in t!e petition, it s!a** 'i=e )%e co%rse to t!e petition an) i--e)iate*y reer t!e sa-e an) its annexes to t!e •
re!abi*itation recei=er. Rs -ateria* :nancia* co--it-ents are not concrete. "irst*y, t!e so%rcin' o %n)s ro- t!eir interna* operations is base) on a -ere expectancy. econ)*y, ai*e) to 'i=e t!e speci:c )etai*s re'ar)in' t!eir prospecti=e in=estors !o i** s%ppose)*y p%t %p a))itiona* res! capita*. ;!ir)*y, by statin' t!at t!eir rea* estate properties !a=e not been expose) to t!e *i-it o t!eir *oan =a*%es, are i-p*yin' t!at t!ey i** %se t!e -ort'a'e) properties as co**atera*s to sec%re a )i>erent *oan.
Issue: A!et!er s petition or re!abi*itation -ay be appro=e).
Ruling: No. •
$n t!e present case, t!e R;C !asti*y appro=e) t!e re!abi*itation p*an in t!e sa-e or)er 'i=in' )%e co%rse to t!e petition -a5in' an erroneo%s proce)%ra* s!ortc%t. ;!e R;C con:ne) t!e initia* !earin' to t!e iss%e o %ris)iction an) ai*e) to a))ress ot!er -ore i-portant -atters re*atin' to t!e petition an) co--ent. ;!e R;C a*so ai*e) to reer or e=a*%ation t!e re!abi*itation p*an to t!e re!abi*itation recei=er. ;!%s, t!e re!abi*itation recei=er as %nab*e to s%b-it !is reco--en)ations an) -a5e -o)i:cations or re=isions to t!e
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re!abi*itation p*an as necessary. ai*e) to inc*%)e a *i%i)ation ana*ysis in t!eir re!abi*itation p*an. )o not on a** o t!e properties it! a tota* esti-ate) =a*%e o 393,922,000 so t!ey cannot pay t!e *oan o>. o-e o t!e properties are one) by "er)inan), Gera*) an) Jose atric5 ioc!i, an) 4ario ioc!i, Jr., not by . + corporation !as a *e'a* persona*ity )istinct ro- its stoc5!o*)ers an)
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)irectors. +s state) beore, s -ateria* :nancia* co--it-ents arent concrete s%c! as t!e so%rcin' o %n)s ro- t!eir interna* operations is base) on a -ere expectancy an) t!eir ai*%re to 'i=e t!e speci:c )etai*s re'ar)in' t!eir prospecti=e in=estors !o i** s%ppose)*y p%t %p a))itiona* res! capita*.
