Bill Type
Short Title
FINANCIAL REHABILITATION AND INSOLVENCY ACT (FRIA) OF 2010
Text as Filed (File)
Third Reading Copy link (HRep)
Scope
Legislative Status
Legislative Status Date
Session Sequence No.
48
Session Type
Document Certification
All Information (Senate Website)
Legislative History (Senate Website)
Committee Referral (Senate Website)
Senate Legis Intranet Link
Legislative History
| House Bill/Resolution NO. HB07090 | |
| REPUBLIC ACT NO. RA10142 | |
| FULL TITLE : AN ACT PROVIDING FOR THE REHABILITATION OR LIQUIDATION OF FINANCIALLY DISTRESSED ENTERPRISES AND INDIVIDUALS | |
| SHORT TITLE : Financial Rehabilitation And Insolvency Act ( F R I A) Of 2009 | |
| ABSTRACT : "Financial Rehabilitation And Insolvency Act (FRIA) Of 2009." Seeks to restore the Debtor to a condition of successful operation and solvency, if it is shown that its continuance of operation is economically feasible; provide a clear framework for the insolvency proceedings for companies who are undergoing financial restructuring or rehabilitation or those unable to pay its liabilities or has liabilities greater than its assets, and; provide equitable treatment to all parties involved in a financial restructuring or rehabilitation. | |
| PRINCIPAL AUTHOR/S : ANGARA, JUAN EDGARDO M. | |
| DATE FILED : 2009-12-16 | |
| SIGNIFICANCE: NATIONAL | |
| CO-AUTHORS : | |
| 1. Lopez (J.) | 2. Villarosa |
| 3. Durano | 4. Joson |
| 5. Romulo | |
| AUTHORS(Final/Third Reading) : | |
| 1. Gonzales (N.) | 2. De Guzman |
| ACTIONS TAKEN BY THE COMMITTEE | |
| COMMITTEE REPORT NO. 02565 | |
| SUBMITTED ON 2009-12-16 | |
| SUBMITTED BY: ECONOMIC AFFAIRS, BANKS AND FINANCIAL INTERMEDIARIES, WAYS AND MEANS | |
| RECOMMENDATIONS: approval | |
| SUBSTITUTED BILLS: HB00132, HB00293, HB03542, HB04960 | |
| ACTIONS TAKEN BY THE COMMITTEE ON RULES | |
| REFERRAL TO THE COMMITTEE ON RULES ON 2009-12-18 | |
| DATE INCLUDED IN OB: 2009-12-18 | |
| DATE CALENDARED : 2010-01-19 | |
| SECOND READING INFORMATION | |
| FINAL LIST OF AUTHORS : Gonzales (N.), De Guzman | |
| DATE APPROVED ON SECOND READING : 2010-01-19 | |
| REMARKS : On Jan. 19, 2010, the Body approved to consider the Explanatory Note of the Bill as the sponsorship remarks on the measure; terminated the period of sponsorship and debate; terminated the period of amendments; and approved the same on Second Reading. | |
| THIRD READING INFORMATION | |
| DATE COPY DISTRIBUTED TO MEMBERS: 2010-01-27 | |
| DATE APPROVED BY THE HOUSE ON THIRD READING :2010-02-01 | |
| HOUSE VOTES: YEAS:184 NAYS:0 ABSTAIN:.0 | |
| DATE TRANSMITTED TO THE SENATE: 2010-02-02 | |
| ACTIONS TAKEN BY THE SENATE/HOUSE | |
| DATE RECEIVED BY THE SENATE: 2010-02-02 | |
| REMARKS : Senate concurred to HB07090 as an amendment to SB00061 on Feb. 02, 2010. | |
| ACTIONS TAKEN BY THE PRESIDENT | |
| DATE TRANSMITTED TO THE PRESIDENT : 2010-06-17 | |
| DATE ACTED UPON BY THE PRESIDENT : 2010-07-18 | |
| PRESIDENTIAL ACTION:(A)PPROVED/(V)ETOED/(L)APSED : L | |
| REPUBLIC ACT NO.: RA10142 | |
| ORIGIN : HOUSE | |
| REPUBLIC ACT TITLE: AN ACT PROVIDING FOR THE REHABILITATION OR LIQUIDATION OF FINANCIALLY DISTRESSED ENTERPRISES AND INDIVIDUALS |
Abstract
"Financial Rehabilitation And Insolvency Act (FRIA) Of 2009." Seeks to restore the Debtor to a condition of successful operation and solvency, if it is shown that its continuance of operation is economically feasible; provide a clear framework for the insolvency proceedings for companies who are undergoing financial restructuring or rehabilitation or those unable to pay its liabilities or has liabilities greater than its assets, and; provide equitable treatment to all parties involved in a financial restructuring or rehabilitation.
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Note: Legislative history and other information accessed from Congress Legis. Information as of April 20, 2022.